U.S. House Committee Passes Deploying American Blockchains Act to Boost Technology Use

U.S. House Committee Passes Deploying American Blockchains Act to Boost Technology Use

The bill represents a major step in potentially increasing the country’s use of blockchain technology.

In a unanimous vote, the U.S. House Committee on Energy and Commerce has passed the Deploying American Blockchains Act of 2023. This legislation aims to enhance the nation’s competitive edge in deploying and utilizing blockchain and other distributed ledger technologies. With the bill now proceeding to the House for a vote, its potential impact on the country’s technological competitiveness is garnering attention.

Addressing the Need for U.S. Leadership in Blockchain Development

The passing of the Deploying American Blockchains Act has been met with praise from industry experts and advocates. Cody Carbone, the policy head of the Chamber of Digital Commerce, emphasized the bill’s importance in maintaining U.S. leadership in blockchain development. Carbone’s sentiment was echoed by Kristin Smith, CEO of the Blockchain Association, who recognized the bill’s role in advancing the nation’s position in this emerging sector.

Mandates and Initiatives to Boost Blockchain Adoption

Crafted into a concise 13-page document, the legislation outlines several directives for the Secretary of Commerce, Gina Raimondo. One key provision is the development of best practices and policy recommendations for both the public and private sectors in blockchain usage. This will provide a framework for organizations to effectively implement blockchain technology. The bill also proposes the establishment of a blockchain deployment program and advisory committees, which will include representatives from federal agencies, industry stakeholders, and experts. These committees will work towards fostering blockchain adoption across various sectors.

A Step Towards Technological Competitiveness

While the Deploying American Blockchains Act is a significant development in the realm of blockchain technology, it does not appear to have a direct impact on broader financial technology reforms. Other acts, such as the Financial Innovation and Technology for the 21st Century Act, address the classification of cryptocurrencies and regulatory jurisdictions. However, the passage of this bill demonstrates a commitment to maintaining the United States’ competitive edge in the blockchain space.

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The Path to Approval

With the bill now moving to the House for a vote, its ultimate success depends on clearing the Senate and receiving final approval from Congress and the President. If passed into law, the Deploying American Blockchains Act will provide a framework to support the widespread adoption of blockchain technology in the United States.

Conclusion:

The unanimous passing of the Deploying American Blockchains Act by the U.S. House Committee on Energy and Commerce marks a significant milestone in the country’s efforts to enhance its utilization of blockchain technology. With mandates and initiatives aimed at fostering blockchain adoption, this legislation demonstrates a commitment to maintaining U.S. leadership in this emerging sector. As the bill progresses through the legislative process, its potential impact on the nation’s technological competitiveness remains a topic of interest.