The US Congress Committee on Energy and Commerce has endorsed blockchain bill Deploying American Blockchains Act of 2023. Should it be enacted into law, the bill assigns Gina Raimondo, the commerce secretary, responsible for improving U.S. competitiveness in blockchain technology applications. On December 5, the committee unanimously voted 46-0 in favor of the proposal with a bipartisan consensus.
Cody Carbone, from the Chamber of Digital Commerce, praised the committee’s decision on Twitter, emphasizing its significance in preserving U.S. leadership in blockchain development. Blockchain Association CEO Kristin Smith noted that the bill rightfully advances the nation’s competitiveness in this evolving sector.
If you think not, China currently owns 84% of all blockchain patents. It's time for the U.S. to step up.
This bill helps. https://t.co/fVsFrgJzJy
— Cody Carbone (@CodyCarboneDC) December 6, 2023
The thirteen-page bill talks about the commerce secretary’s actions. Therefore, this involves developing standards like best practices, policies, guidelines, and recommendations for all the sectors that can use the technology, including public and private departments. The “Blockchain Deployment Program,” known as such an initiative, aims to facilitate the broad use of this advancement.
Furthermore, the bill proposes the establishment of advisory committees within the government consisting of blockchain industry representatives, federal agencies, and experts meant to assist in blockchain adoption. The committees will facilitate inter-agency leadership, foster collaboration between federal agencies interested in blockchains, and research present and forthcoming agency readiness.
Deploying American Blockchains Act Advances
The law is part of broader efforts with over 50 pro-crypto bills in Congress over the last two years. Though sanctioned, the bill’s effect is insignificant. The Financial Innovation and Technology for the 21st Century Act compares to this. Specifically, it deals with the issue of categorizing the different classes of currencies as commodities or security types.
Secondly, the House will hold the ensuing move to approve the Deploying American Decentralized Database Act. It shall then move to the Senate before returning for the last congressional and presidential approval. Furthermore, the bill might advance the wider campaign for blockchain uptake in the USA. This could contribute to the country’s forefront positioning as an innovator in emerging technologies.
Related Reading | Ethereum Whale Awakens: $87.5M Deposit Signals Crypto Market Stir