House Committee’s Unanimous Blockchain Move
The Energy and Commerce Committee in the legislative chambers recently passed the HR 6572 bill – the Deploying American Blockchains Act of 2023. This approval is a landmark moment in the United States’ embrace of blockchain technology.
The committee aims to propel blockchain adoption nationwide with a 46-0 vote. The 13-page bill lays out a clear directive for Commerce Secretary Gina Raimondo.
Her role would entail taking proactive steps to boost the United States’ competitiveness in blockchain and other distributed ledger technologies. This proposed legislation is intended to promote blockchain technology deployment, use, application, and overall competitiveness.
The bill intends to harness the potential of blockchain in various sectors across the country by entrusting this responsibility to the Commerce Secretary. The unanimous vote shows bipartisan support for using blockchain’s capabilities for the national good.
Integrating US Leadership In Blockchain Technology
Cody Carbone, the Chamber of Digital Commerce’s policy director, applauded the committee’s passing of the bill. Carbone emphasized the bill’s importance in maintaining the United States’ leadership in blockchain development, calling it a critical step forward in the changing landscape.
Before the bill was passed, Kristin Smith, CEO of the Blockchain Association, expressed similar sentiments. She emphasized the bill’s importance in advancing the country’s competitiveness in this emerging field, underlining its potential for growth and innovation.
Furthermore, the bill outlines several responsibilities for the commerce secretary and actions to be taken if the bill is passed into law. Among these directives is developing best practices, policies, and recommendations for public and private sectors using blockchain technology.
This approach promotes responsible and effective blockchain use while creating an environment conducive to technological advancement. If the bill is passed, it can create a structured framework that promotes innovation and protects the interests of governmental and private entities interested in blockchain technology.
Launching A Blockchain Program
Meanwhile, the “Blockchain Deployment Program,” a new initiative aimed at expanding the use of blockchain technology, is on the horizon. This inaugural program will consist of advisory committees with representatives from federal agencies, blockchain industry experts, and other stakeholders.
Their primary goal is to promote and facilitate the use of blockchain in various industries. In addition to establishing these committees, the program will highlight the country’s efforts to become a global leader in blockchain innovation.
It aims to improve coordination among federal agencies interested in implementing this transformative technology. More importantly, extensive studies will be conducted to assess current blockchain usage within federal agencies and their readiness for future adoption.
This initiative comes amid a flurry of legislative proposals centered on cryptocurrency and blockchain, totaling more than 50 since 2022. However, progress has been hampered due to the lack of a House Speaker in 2023.
Although not as game-changing as some of its counterparts, such as the Financial Innovation and Technology for the 21st Century Act, this bill addresses critical issues. It confirms a structured process for categorizing cryptocurrencies as commodities or securities, clarifying regulatory jurisdictions.
Meanwhile, launching the Blockchain Deployment Program is a critical step toward realizing the technology’s potential.