The New Bill Creates a Crypto Specialist Position in the White House
- Thanks to a new bill, the White House might have a crypto advisor.
- The bill will also aid in addressing the industry’s supply chain problems.
The US House of Representatives made history when it passed the Chips and Science Act and established a position for a blockchain and cryptocurrency expert within the White House. The vote to approve the invoice was 243 to 187 on Thursday. On an otherwise heavily Democratic endeavor, the bill gained some Republican support, which will be a huge political victory for the party and President Biden.
“Advising the President on subjects pertaining to blockchain and cryptocurrency” will be the specialist’s job description.
The projected $280 billion price tag includes $52 billion in grants and incentives for American semiconductor producers who are up against Chinese rivals. Amounts allocated for research incentives total about $170 billion.
The bill will also aid in addressing the industry’s supply chain problems.
In accordance with the directive in section 10671 of the Bill, the Director of the Office of Science and Technology Policy (OSTP) shall establish or designate a position within the Office for a Blockchain and Cryptocurrency Advisory Specialist to coordinate federal initiatives and provide the President with advice on issues pertaining to research and development of Blockchain, cryptocurrency, and distributed ledger technologies.
“Advising the President on issues relating to blockchain and cryptocurrency,” according to the professional, may be his or her responsibility.
The president’s executive order on cryptocurrencies instructed the White House’s science division to investigate the implications that digital assets are having on climate change and report back later this year. In March, the office asked for feedback from the public on that report. The deadline for submitting two distinct reports on the crypto industry under this agreement is September 5, 2022.
The correlation between distributed ledger technology and the economic and energy transformation over the short, medium, and long terms must be included in the first OSTP report.
According to the second report, OSTP must work with the US CTO to conduct a technical evaluation of the technology infrastructure, competence, and knowledge that will be necessary for key agencies to allow and support the launch of the CBDC system, assuming it should be recommended.
As co-chair of the Congressional Blockchain Caucus and a member of the House Energy and Commerce Committee, Democratic Florida Representative Darren Soto said, “I am proud to foster the policy needed to ensure innovation continues to take shape in our government, and the CHIPS and Science Act will do just that.”
For a very long time, Soto has supported cryptocurrency. In 2020, he and Tom Emmer, a Republican, co-sponsored a bill to exclude small crypto transactions from capital gains tax.