- The US becomes more competitive in deploying, using, and applying blockchain tech
- A related bill will establish whether cryptocurrencies are securities or commodities
A US House Committee passed a pro-blockchain bill with unanimous support. If it takes effect, it will increase blockchain adoption in the country by tasking the US secretary of commerce with promoting its deployment, Cointelegraph reported, citing a recent committee session.
The Committee on Energy and Commerce passed the Deploying American Blockchains Act of 2023, a dozen-page bill aimed at promoting “the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology.”
Introducing best practices, policies
Before the bill was passed, Blockchain Association CEO Kristin Smith said it “rightfully advanced” the country’s competitiveness in the blossoming industry. It covers a variety of actions the secretary of commerce needs to take if it becomes legally effective. These include drafting suitable policies and best practices and recommendations for the private and public sectors in the process of using blockchain technology.
Actionable steps of blockchain deployment
The government would create a “Blockchain Deployment Program” to support use of the technology. It would set up advisory bodies to support blockchain adoption with industry stakeholders, federal agency representatives, specialists and others among their members.
The government would also take measures to promote blockchain leadership and improve coordination for federal agencies interested in using the technology. It would do research on federal agencies’ current use of blockchain and the extent, to which they are prepared to adopt the tech moving forward.
Other impactful legislation
Another potentially impactful piece of legislation is the Financial Innovation and Technology for the 21st Century Act. If passed into law, it would establish a process for the antagonistic issue of labeling cryptocurrencies as securities or commodities and make regulator jurisdictions clearer.
The Deploying American Blockchains Act of 2023 must be approved by the Senate before it is returned for final approval by Congress and the executive powers of the US.
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