The United States Congress Committee on Energy and Commerce has recently made a noteworthy stride in the realm of blockchain technology by unanimously passing H.R. 6572, also known as the Deploying American Blockchains Act of 2023. This legislation voted on with a resounding 46-0 in favor, was part of a broader session dedicated to clearing 44 pieces of legislation.
United States Congress wants to promote blockchain
The 13-page bill outlines a clear directive for the United States Commerce Secretary, Gina Raimondo. If enacted, it would require her to take necessary and appropriate actions aimed at promoting the competitiveness of the United States concerning the deployment, use, application, and overall competitiveness of blockchain technology and other distributed ledger technologies. Cody Carbone, the head of policy for the Chamber of Digital Commerce, was quick to commend the committee for their decision.
Carbone emphasized that the passing of this bill is a significant step toward preserving and strengthening the United States’ leadership position in the development of blockchain technology, a sector where global competition is intensifying. Before the bill secured its unanimous passage, Kristin Smith, CEO of the Blockchain Association, voiced support by stating that the legislation rightfully advances the nation’s competitiveness in the nascent space of blockchain technology.
This sentiment echoes the broader industry’s recognition of the strategic importance of blockchain in various sectors. The bill itself encompasses a comprehensive set of actions that the Commerce Secretary would be required to undertake if the legislation becomes law. Among these actions is the development of best practices, policies, and recommendations for both the public and private sectors when utilizing blockchain technology. This proactive approach aims to provide clear guidance for the responsible and effective implementation of blockchain across diverse applications.
Strategic initiative for technological progress
An integral component of the proposed bill is the introduction of a “Blockchain Deployment Program.” This program is designed to actively support and facilitate the use of blockchain technology. It not only envisions promoting collaboration between different stakeholders but also establishes government advisory committees. These committees would include federal agency representatives, blockchain industry stakeholders, experts, and other relevant parties, forming a collaborative platform to advance and promote the adoption of blockchain technology.
Furthermore, the bill seeks to enhance the country’s leadership in blockchain technology by fostering coordination among federal agencies interested in leveraging blockchain. It also mandates studies to assess federal agencies’ current use of blockchain technology and their readiness to adopt it in the future. This holistic approach underscores the bill’s commitment to understanding the current landscape and ensuring preparedness for future advancements in blockchain technology.
While the Deploying American Blockchains Act is significant, it is just one among many blockchain-related bills considered by Congress since 2022. However, the legislative process has faced challenges in 2023 due to the absence of a speaker in the House of Representatives, impacting the progression of various bills, including those related to cryptocurrency and blockchain. It is important to note that, while impactful, the Deploying American Blockchains Act may not have as far-reaching implications as some other proposed bills.
For example, the Financial Innovation and Technology for the 21st Century Act addresses the critical issue of classifying cryptocurrencies as commodities or securities, providing clarity on regulatory jurisdictions. The next critical step for the Deploying American Blockchains Act is a vote in the House of Representatives. If it successfully passes this stage, it must then secure approval in the Senate before returning for final congressional and presidential approval. The outcome of this legislative journey will significantly shape the regulatory landscape for blockchain technology in the United States.
