USA House Committee Passes Pro-Crypto Bill
07 Dec, 2023 ● Crypto News
A pro-blockchain bill has been unanimously approved by a US Congress committee would assign the US Commerce Secretary the responsibility of encouraging blockchain deployment and thereby expanding the nation's use of blockchain technology.
In a session aiming to clear 44 bills, the House Committee on Energy and Commerce voted 46–0 on December 5 to approve H.R. 6572, the Deploying American Blockchains Act of 2023.
"Take actions necessary and appropriate to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology," the 13-page blockchain bill mandated the Secretary of Commerce Gina Raimondo.
The policy head of the Chamber of Digital Commerce, an advocacy group for blockchain technology, Cody Carbone, praised the committee for passing the X (formerly Twitter) bill, stating that it will "help preserve U.S. leadership in blockchain development, which is sorely needed."
The bill "rightfully advances our nation's competitiveness in this nascent space," according to Blockchain Association CEO Kristin Smith, before it was passed.
If approved, the bill would require the commerce secretary to take a number of steps, such as developing guidelines, policies, and best practices for the public and private sectors utilizing blockchain technology.
The creation of a "Blockchain Deployment Program" would facilitate the application of the technology.
Additionally, it would create government advisory committees to aid in the adoption of blockchain technology.
These committees would be composed of experts, federal agency representatives, and stakeholders in the blockchain industry.
Additionally, the nation would enhance coordination for federal agencies wishing to employ blockchain technology and promote blockchain leadership.
Research will also be done on how federal agencies are currently utilizing blockchain technology and how ready they are to use it in the future.
The crypto-friendly bill is one of at least 50 that have been circulating in Congress since 2022; the House of Representatives has been paralyzed in 2023 due to a lack of speakers.
But the Financial Innovation and Technology for the 21st Century Act, which would clarify regulator jurisdictions and uphold a process for the controversial issue of classifying cryptocurrencies as securities or commodities, is thought to have a greater potential impact than this act.
The bill shall now pass to the House for a vote. If passed, it must also go through the Senate's saying before returning for final congressional and presidential approval.
Sources:
https://cointelegraph.com/news/blockchain-promoting-bill-passes-us-house-committee
https://energycommerce.house.gov/events/full-committee-markup-of-44-pieces-of-legislation
https://twitter.com/CodyCarboneDC/status/1732489097501950321
