Legislative Trio Takes Action
In a fascinating move to unravel the complexities of blockchain technology, a bipartisan trio from the House of Representatives, including two Democrats and a Republican, has stepped up to the plate with a brand new bill. Representing Florida, Kentucky, and California, Rep. Darren Soto, Rep. Brett Guthrie, and Rep. Doris Matsui are making serious waves. On September 1, they officially introduced their proposal, which has made its way to the Committee on Energy and Commerce.
A Closer Look at the Bill’s Purpose
This bill isn’t just a casual Friday discussion; it aims to direct the U.S. Secretary of Commerce to launch a comprehensive study on blockchain technology. The focus? Its implications for consumer protection, and well, a few other surprises the tech world might throw into the ring. The report will ultimately be submitted to Congress, hopefully shining a light on where blockchain technology fits into the consumer landscape.
The Advancing Blockchain Act: A Precursor
Back in May, a draft legislation titled the “Advancing Blockchain Act” created quite a buzz when Rep. Guthrie presented it. This legislation proposed a two-year timeline for studying the effect of blockchain on U.S. businesses engaged in interstate commerce. Among its goals was rating America’s standing versus other countries’ blockchain strategies, proving that even in tech, a little good-natured competition never hurt.
Jurisdiction and Agency Expertise
Both this new bill and the earlier draft have, interestingly enough, decided to stay sober and avoid the topic of cryptocurrencies and digital assets—keeping their lens firmly on blockchain. One can only wonder what a crypto-themed addition might have looked like! The bill seeks to clarify what federal agencies get which blockchain-related responsibilities, creating a tech-savvy hierarchy that speaks to the expertise of different departments.
Industry Connections and Advocacy
Rep. Soto is a familiar face in the blockchain community. Beyond having co-chaired the Blockchain Caucus, he’s been a proactive advocate for keeping cryptocurrencies under the supervision of lighter-touch agencies like the Commodities and Futures Trading Commission (CFTC) and the FTC. This approach emphasizes a regulatory framework that’s less heavy-handed than what the Securities and Exchange Commission (SEC) might impose.
Meanwhile, Rep. Matsui has been on this blockchain voyage with Rep. Guthrie since early 2019 when they introduced a bill focused on defining blockchain technology—an essential basis for future legislation. The seeds for today’s discussions were planted a long time ago, showcasing the continuous evolution of this tech in policy.
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