Key Takeaways
- The legislation directs the U.S. Secretary of Commerce to actively support blockchain technology.
- The legislation would mandate Secretary of Commerce Gina Raimondo to take necessary actions to advance U.S. competitiveness in blockchain tech.
In a notable development for the cryptocurrency industry, the U.S. House Committee on Energy and Commerce has unanimously approved the Deploying American Blockchains Act of 2023, a 13-page legislation that directs the U.S. Secretary of Commerce to actively support blockchain technology.
The bill, though not a headline-grabbing piece, has gained traction as part of a broader trend where crypto-related bills are progressively making their way through committee votes. Despite committee approval, none have secured the overall House nod at this juncture.
The Deploying American Blockchains Act gained unanimous support with a 46-0 vote during a committee work session, a positive indicator for its potential progression to the House floor. If enacted, the legislation would mandate Secretary of Commerce Gina Raimondo to take necessary actions to advance U.S. competitiveness in the blockchain technology sphere.
One of the key aspects of the proposed bill is the creation of a “Blockchain Deployment Program,” designed to strengthen the adoption of this transformative technology. Additionally, the legislation proposes the formation of government advisory committees that would consist of federal agency representatives, industry stakeholders, experts, and other relevant parties. These committees aim to facilitate the adoption of blockchain technology and bring together diverse perspectives for comprehensive decision-making.
Going beyond mere advocacy, the bill outlines a framework for supporting the use of blockchain technology in various sectors. It emphasizes a proactive approach by the U.S. government in promoting blockchain leadership and enhancing coordination among federal agencies interested in adopting blockchain technology.
Furthermore, the bill mandates studies on the current use of blockchain by federal agencies and assesses their preparedness for future adoption. This focus on both present and future applications underscores a comprehensive approach toward understanding the potential impact of blockchain technology across government operations.
This legislative development aligns with the broader congressional attention given to blockchain and cryptocurrency-related matters. Notably, in September 2023, the House Committee on Financial Services approved the “CBDC Anti-Surveillance State Act,” demonstrating a nuanced approach to the potential issuance of a Central Bank Digital Currency (CBDC) by the Federal Reserve.
