The House Committee on Energy has voted unanimously to approve a new piece of legislation entitled the “Deploying American Blockchains Act.”
What the bill entails
According to the brief, the bill would “direct the Secretary of Commerce to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology, and for other purposes.”
The brief notes that the Secretary of Commerce would “serve as the principal advisor to the President” regarding policy issues related to blockchain technology.
Moreover, the bill would require the Secretary of Commerce to spearhead a “Blockchain Deployment Program” that would “support American leadership in the deployment and use of blockchain technology and other distributed ledger technology, applications built on blockchain technology or other distributed ledger technology, tokens, and tokenization.”
Support from industry leaders
Led by efforts from Congresswoman Lisa Blunt Rochester (D-DE) and Congressman Larry Bucshon (R-IN), the bill has even garnered approval from some of the crypto industry’s biggest voices, including the Blockchain Association and the Chamber of Digital Commerce.
“This bipartisan bill will help preserve U.S. leadership in blockchain development, which is sorely needed,” stated Cody Carbone, Vice President of Policy for the Chamber of Digital Commerce. “If you think not, China currently owns 84% of all blockchain patents. It’s time for the U.S. to step up.”
“It’s critical that the United States leads the development and deployment of blockchain technology,” stated Blockchain Association CEO Kristin Smith. “Blockchain Association thanks Reps. Bucshon (R-IN) and Blunt Rochester (D-DE) for their focus on innovation and applauds the introduction of the “Deploying American Blockchains Act of 2023.” Blockchain technology has world-changing applications, and this bipartisan bill rightfully advances our nation’s competitiveness in this nascent space.”
Where it goes from here
The Deploying American Blockchains Act is just one of dozens of crypto-related bills brought forward for approval since last year, however, its future is still uncertain.
The bill now must pass a full vote on the House floor, which if approved, would send the bill to the Senate for further approval. President Biden would get the final say on ratifying once it’s through Congress.
“This bipartisan legislation would pave the way for a more efficient and secure U.S. economy by identifying vulnerabilities and mitigating risk,” said Dr. Buschon. “I hope the bipartisan introduction of these pieces of legislation signal Congress’ steadfast commitment to ensuring U.S. economic strength and global competitiveness.”