The House Committee on Energy and Commerce in the United States has made a significant stride towards advancing blockchain technology with the unanimous passage of the Deploying American Blockchains Act of 2023 (H.R. 6572).
This crucial legislation, passed with a resounding 46-0 vote, seeks to harness the potential of blockchain technology by entrusting the U.S. Commerce Secretary, Gina Raimondo, with the task of promoting its deployment across the nation.
The primary objective of the 13-page bill is to enhance the competitiveness of the United States in the field of blockchain technology and distributed ledger technology.
It calls upon Secretary Raimondo to undertake necessary actions to foster the deployment, use, application, and competitiveness of blockchain technology.
This move has garnered support from Cody Carbone, the Policy Head for the Chamber of Digital Commerce, who expressed optimism that this legislation would safeguard America’s leadership in blockchain development.
Before receiving unanimous approval, Blockchain Association CEO Kristin Smith underscored the bill’s significance in bolstering the nation’s competitiveness in this evolving landscape.
The bill outlines various obligations for the Commerce Secretary, encompassing the development of best practices, policies, and recommendations for both the public and private sectors when engaging with blockchain technology.
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Furthermore, the bill proposes the establishment of a “Blockchain Deployment Program” dedicated to supporting the widespread adoption of blockchain technology.
It envisions the creation of government advisory committees that comprise federal agency representatives, blockchain industry stakeholders, and experts, all working collectively to foster blockchain adoption.
In addition to promoting blockchain leadership, the legislation also focuses on improving coordination among federal agencies interested in utilizing blockchain technology.
Comprehensive studies will be conducted to assess the current utilization of blockchain within federal agencies and their readiness to embrace this innovative technology.
Although the pro-blockchain bill represents a significant step forward, it is just one of many legislative proposals related to cryptocurrency and blockchain technology.
The absence of a House Speaker in 2023 has impacted the progress of such bills.
While this bill is substantial, it may not have the far-reaching implications of other bills, such as the Financial Innovation and Technology for the 21st Century Act, which aims to address the classification of cryptocurrencies as commodities or securities and clarify regulatory jurisdictions.
Now, the Deploying American Blockchains Act will proceed to the House for a vote.
If approved, it must also pass in the Senate before undergoing final scrutiny and approval from Congress and the President, potentially paving the way for a new era of blockchain technology in the United States.
