US Congress Committee Passes Pro-Blockchain Bill to Promote Technology Deployment

US Congress Committee Passes Pro-Blockchain Bill to Promote Technology Deployment

The Deploying American Blockchains Act of 2023 aims to increase the use of blockchain technology in the United States.

In a unanimous decision, the House Committee on Energy and Commerce has passed a pro-blockchain bill that could potentially boost the deployment of blockchain technology in the United States. The bill, titled the Deploying American Blockchains Act of 2023, directs the Secretary of Commerce to take necessary actions to promote the competitiveness of the country in the field of blockchain technology. With China currently dominating the blockchain patent landscape, this bill aims to preserve U.S. leadership in blockchain development. The passing of this bill has been applauded by industry experts and advocates, who believe it will advance the nation’s competitiveness in this nascent space.

Directing the Secretary of Commerce to Promote Blockchain Deployment

The Deploying American Blockchains Act of 2023, a 13-page bill, mandates the Secretary of Commerce, Gina Raimondo, to promote the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology. If passed, the bill would require the Secretary to develop best practices, policies, and recommendations for both the public and private sectors when utilizing blockchain technology. This move aims to encourage the adoption of blockchain technology across various industries.

Creating a Blockchain Deployment Program

The bill also proposes the establishment of a “Blockchain Deployment Program” to support the use of blockchain technology. This program would provide resources and guidance to organizations interested in implementing blockchain solutions. Additionally, the bill calls for the formation of government advisory committees, comprising federal agency representatives, blockchain industry stakeholders, and experts, to support the adoption of blockchain technology.

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Promoting Blockchain Leadership and Coordination

To strengthen the country’s position in the blockchain space, the bill emphasizes the promotion of blockchain leadership and improved coordination among federal agencies. It aims to facilitate the adoption of blockchain technology by conducting studies on federal agencies’ current use of blockchain and their preparedness for future adoption. By enhancing coordination and knowledge sharing, the bill seeks to create a favorable environment for blockchain innovation and development.

The Landscape of Crypto Regulation in the US

While the Deploying American Blockchains Act of 2023 is a significant step towards promoting blockchain technology, it is not expected to have the same impact as other proposed bills, such as the Financial Innovation and Technology for the 21st Century Act. The latter bill addresses the classification of cryptocurrencies as commodities or securities and clarifies regulatory jurisdictions. However, with over 50 crypto-related bills floating around Congress since 2022, the passing of the pro-blockchain bill signifies a growing recognition of the importance of blockchain technology in the United States.

Conclusion:

The unanimous passing of the Deploying American Blockchains Act of 2023 by the House Committee on Energy and Commerce highlights the growing interest in promoting blockchain technology in the United States. With China currently leading the way in blockchain patents, this bill aims to preserve U.S. leadership in the field. By directing the Secretary of Commerce to take necessary actions, creating a Blockchain Deployment Program, and promoting blockchain leadership and coordination, the bill seeks to encourage the widespread adoption of blockchain technology. As the bill moves to the House for a vote, its potential impact on the future of blockchain deployment in the United States remains to be seen.

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