[NEWS] U.S. House of Representatives unanimously passes "Blockchain Implementation Bill"

The U.S. House Energy and Commerce Committee unanimously passed the Deploying American Blockchains Act on the 5th to promote the use of blockchain.

The bill, which is a concise 13-page document, was led by Representatives Lisa Blunt Rochester (Democrat) and Larry Bucshon (Republican).

It aims to "direct the Secretary of Commerce to promote U.S. competitiveness related to the deployment, use, application, and competitiveness of blockchain technology and other distributed ledger technologies, and for other purposes," and requires Secretary of Commerce Gina Raimondo to spearhead a "Blockchain Adoption Program."

This initiative is consistent with the national interest of strengthening U.S. technological competitiveness, and has the support of the cryptocurrency industry, including the Blockchain Association and the Digital Chamber of Commerce.

Cody Carbone, vice president of policy at the Chamber of Digital Commerce, praised the bill on Twitter, saying, "This bill will help maintain U.S. leadership in blockchain development. It's time for the U.S. to step up."

Kristin Smith, CEO of the Blockchain Association, also stressed the importance of the bill in advancing the U.S.'s position in the blockchain field.

The bill is among 50 bills circulating in Congress since last year, but has not made much of a dent in broader financial technology reforms such as the 21st Century Financial Innovation and Technology Act. This bill specifically addresses the classification and regulatory jurisdiction of crypto assets.

The U.S. Blockchain Adoption Act is one of dozens of crypto-related bills that have been submitted for approval since last year. The bill now needs to be passed by unanimous vote in the House of Representatives. If passed, the bill will then be sent to the Senate, where President Biden will make the final decision.

Reference:Bill
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