House committee gives green light to legislation for approval
The Deploying American Blockchains Act of 2023 has been unanimously approved by the U.S. House Committee on Energy and Commerce, aiming to enhance the use of blockchain technology in the country. The bill received a vote of 46-0 on December 5th, marking a significant step towards increasing the adoption of blockchain technology in the United States.
The legislation, condensed into a concise 13-page document, mandates Secretary of Commerce Gina Raimondo to engage in activities that strengthen the competitive advantage of the United States in deploying and utilizing blockchain and other distributed ledger technologies. This initiative aligns with the national interest in enhancing technological competitiveness.
Cody Carbone, the policy head of the Chamber of Digital Commerce, praised the committee’s decision, emphasizing the bill’s crucial role in maintaining U.S. leadership in blockchain development. Similarly, Kristin Smith, CEO of the Blockchain Association, recognized the bill’s importance in advancing the nation’s position in this emerging sector.
The bill encompasses various directives for the commerce secretary, including the development of best practices and policy recommendations for both public and private sectors regarding blockchain usage. Additionally, it proposes the establishment of a blockchain deployment program and advisory committees, consisting of federal agency representatives, industry stakeholders, and experts, to promote the adoption of blockchain technology across different sectors.
Although the legislation is one of at least 50 bills circulating in Congress since last year, it does not appear to have a significant impact on broader financial technology reforms, such as the Financial Innovation and Technology for the 21st Century Act, which specifically addresses the classification of cryptocurrencies and regulatory jurisdictions.
The Deploying American Blockchains Act will now proceed to the House for a vote. If successful, it will need to clear the Senate and receive final approval from Congress and the President.
