United States House Committee Unanimously Passes Pro-Blockchain Bill

United States House Committee Unanimously Passes Pro-Blockchain Bill

The Deploying American Blockchains Act of 2023 aims to promote blockchain deployment and enhance the country’s competitiveness in the technology.

In a significant move towards embracing blockchain technology, the United States House Committee on Energy and Commerce has unanimously passed the Deploying American Blockchains Act of 2023. The bill, which now awaits a vote in the House, aims to promote the deployment and use of blockchain technology in the country. If enacted, the bill would task the U.S. commerce secretary with taking necessary actions to enhance the competitiveness of the United States in the blockchain space. This development comes at a time when China holds a significant majority of blockchain patents, highlighting the need for the U.S. to step up its efforts in this nascent industry.

Pro-Blockchain Bill Receives Bipartisan Support

The bipartisan bill, H.R. 6572, received unanimous support from the House Committee on Energy and Commerce, with a vote of 46-0. The bill directs Secretary of Commerce Gina Raimondo to take appropriate actions to promote the competitiveness of the United States in terms of blockchain technology deployment, use, application, and overall competitiveness. The passing of this bill has been praised by blockchain advocacy groups and industry experts, who believe it will help preserve U.S. leadership in blockchain development.

Key Provisions of the Deploying American Blockchains Act

The Deploying American Blockchains Act of 2023 covers a range of actions that the commerce secretary must undertake to promote the use of blockchain technology. These include developing best practices, policies, and recommendations for both the public and private sectors when using blockchain. The bill also establishes a “Blockchain Deployment Program” to support the adoption of blockchain technology. Additionally, government advisory committees will be formed, consisting of federal agency representatives, blockchain industry stakeholders, and experts, to further support blockchain adoption.

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Promoting Blockchain Leadership and Coordination

The bill aims to enhance the United States’ leadership in blockchain technology by improving coordination among federal agencies interested in utilizing blockchain. It also calls for studies to be conducted on federal agencies’ current use of blockchain and their preparedness to adopt the technology in the future. By promoting blockchain leadership and coordination, the U.S. aims to strengthen its position in the global blockchain landscape.

The Growing Importance of Blockchain Technology

Blockchain technology has gained significant traction in recent years, offering benefits such as enhanced security, transparency, and efficiency. However, the United States has lagged behind in terms of blockchain adoption and patent ownership. With China currently holding 84% of all blockchain patents, the passing of the Deploying American Blockchains Act signifies the U.S.’s commitment to catching up and maintaining its competitiveness in the blockchain industry.

The Path Forward for the Bill

While the Deploying American Blockchains Act is a positive step towards blockchain adoption, it is not expected to have the same impact as other bills currently under consideration, such as the Financial Innovation and Technology for the 21st Century Act. This act addresses the labeling of cryptocurrencies as commodities or securities and clarifies regulatory jurisdictions. The bill will now proceed to the House for a vote, followed by the Senate, before it can be finalized and approved by Congress and the President.

Conclusion:

The unanimous passing of the Deploying American Blockchains Act of 2023 by the House Committee on Energy and Commerce reflects a growing recognition of the importance of blockchain technology in the United States. By promoting blockchain deployment and use, the bill aims to enhance the country’s competitiveness and leadership in this emerging field. As the bill progresses through the legislative process, it remains to be seen how it will shape the future of blockchain adoption in the United States and its impact on the global blockchain landscape.

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