Breaking News: Blockchain Legislation Hits Congress
The Committee on Energy and Commerce has given a thumbs up to two important pieces of legislation that could substantially shape how blockchain technology is examined and implemented in governmental functions. The Digital Taxonomy Act and the American COMPETE Act are now headed for a vote in the House of Representatives, and things are getting interesting.
What’s in the Digital Taxonomy Act?
If this act passes, it would require the Department of Commerce to collaborate with the Federal Trade Commission (FTC) to unravel the complexities of blockchain. They’ll be producing a detailed study on its current state and reporting their findings to various committees in Congress. And let’s not forget, there’s a call for the FTC to deliver recommendations about avoiding pitfalls when it comes to digital tokens. Because let’s face it, nobody wants to get duped by a shiny new coin.
The American COMPETE Act: A Broader Picture
The American COMPETE Act takes on an even wider scope. It doesn’t just stop at blockchain; it demands the Department of Commerce evaluate advancements in artificial intelligence and quantum computing along with blockchain. Think of it as a tech report card for Congress that’s long overdue. It sounds like the perfect recipe for reshaping how we interact with emerging technologies. Who’s hungry?
Darren Soto: The Unsung Hero of Crypto Policy
Enter Darren Soto, the man of the hour and the driving force behind both pieces of legislation. After nearly two years of relentless lobbying, he’s confident that these reports are a stepping stone. “It’s a first step,” he said, emphasizing the importance of getting Congress acquainted with what’s really happening in the tech world. “Ignorance is our biggest obstacle,” he mused, which begs the question: Did he just call Congress out on their tech illiteracy?
Legislative Victories: Small Wins on the Blockchain Front
Soto isn’t just about talk; he’s contributed to some tangible victories too! Earlier this year, the U.S. Department of Agriculture proposed rules to integrate blockchain in tracking organic products. He also teamed up with fellow lawmakers to urge the IRS to lighten the load on taxes imposed on rewards from Proof-of-Stake blockchains. Small wins, but hey, every bit counts in the quest for more effective crypto legislation.
Accepting Crypto: Walking the Walk
And just when you think Soto couldn’t be more blockchain-friendly, he announces that he will be accepting cryptocurrency donations for his campaign. You can now support him with a click, thanks to platforms like BitPay. His website proudly offers the option to donate up to $2,800 using crypto. Who says politicians don’t adapt to the times?
Looking Forward: A Center of Excellence?
Soto’s long-term vision includes establishing a cryptocurrency center of excellence within the Department of Commerce. This could serve as a beacon of knowledge and innovation, exploring the many avenues where blockchain technology could be a game-changer —everything from secure communications to protecting sensitive data. Sounds ambitious, right? But wouldn’t you rather have lawmakers who get it?
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