U.S Lawmakers Propose New Bill for Detailed Study of Blockchain

A trio of U.S. Home Representatives requests Secretary of Commerce to deeply analyze blockchain for consumer protection and in commerce.

By · Sep 5, 2020 . 6min read

Blockchain in US news

Three legislators have proposed a new bill in the U.S. House of Representatives to lead an in-depth study of blockchain technology and its usage in customer protection and other purposes. The bill led to the House Committee on Energy and Commerce was submitted by Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY), and Rep. Doris Matsui (D-CA).

 Rep. Darren Soto has earlier supported keeping of cryptocurrencies under the Commodities and Futures Trading Commission (CFTC) and FTC oversight. He has been a sponsor and co-sponsor of the Token Taxonomy Act and the Digital Taxonomy Act, among other initiatives. However, Rep. Doris Matsui, together with Rep. Brett Guthrie, introduced a bill in Feb 2019 to direct the Secretary of Commerce to establish a working group that would recommend to Congress a definition of blockchain technology.

In May last year, a group of U.S. lawmakers commissioned a bipartisan letter to President Donald Trump’s adviser, asking the Administration to incorporate blockchain technology in its initiatives on emerging technologies. The Congressmen vigorously endorsed the Trump Administration to direct the National Economic Council to assemble stakeholders to explore its policy issues and support blockchain technology.

Representatives Trey Hollingsworth (R-IN) and Darren Soto (D-FL) led the initiative to draft the letter, referred to Larry Kudlow, Director of the National Economic Council. Moreover, Reps. Bill Foster (D-WI), Tom Emmer (R-MN), Ted Budd (R-NC), Josh Gottheimer (D-NJ), and David Schweikert (R-AZ) were the other signatories to the letter.

Comprehensive Details of Blockchain Promotion Act of 2018

The bill titled “Blockchain Promotion Act of 2018” was intended to build a working group of stakeholders over the federal government and private industry to discover digital technology’s definition. Particularly, the bill directed the Department of Commerce to establish the blockchain working group to recommend a consensus-based definition. However, these bills do not mention anything about digital assets or cryptocurrencies like Bitcoin. However, it concentrates on improving blockchain technology.

The U.S is a flourishing cryptocurrency market; it does not have a national framework for monitoring it, with various federal agencies claiming conflicting jurisdictions. Recently, different federal departments acknowledge digital assets as property, commodities, or securities.

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