The U.S. House Committee on Energy and Commerce has unanimously passed the Deploying American Blockchains Act of 2023, a pro-blockchain bill aimed at promoting the deployment and use of blockchain technology in the country. The bill tasks the U.S. commerce secretary with taking actions to enhance the competitiveness of the United States in the realm of blockchain technology. The move is seen as a positive step toward preserving U.S. leadership in blockchain development as the technology continues to gain prominence across various sectors.
In a significant development for the blockchain industry, the U.S. House Committee on Energy and Commerce has unanimously passed the Deploying American Blockchains Act of 2023. The pro-blockchain bill is designed to empower the U.S. commerce secretary to take actions that promote the competitiveness of the United States in the deployment, use, application, and overall competitiveness of blockchain technology.
The legislation, known as H.R. 6572, marks a positive step toward fostering blockchain technology's growth and utilization across various sectors. The House Committee's unanimous vote of 46-0 on December 5 reflects bipartisan support for advancing the country's capabilities in blockchain development.
Key Provisions of the Deploying American Blockchains Act:
Direction to the U.S. Commerce Secretary: The bill directs Secretary of Commerce Gina Raimondo to undertake necessary and appropriate actions to promote the competitiveness of the United States in the blockchain technology landscape.
Blockchain Deployment Program: The legislation proposes the creation of a "Blockchain Deployment Program" to support the deployment and use of blockchain technology. This program aims to establish best practices, policies, and recommendations for both the public and private sectors.
Government Advisory Committees: The bill envisions the formation of government advisory committees to facilitate blockchain adoption. These committees would include federal agency representatives, blockchain industry stakeholders, experts, and other relevant participants.
Promotion of Blockchain Leadership: The legislation aims to enhance the coordination of federal agencies interested in using blockchain technology, promoting leadership in the field.
Studies on Blockchain Adoption: The bill mandates studies on the current use of blockchain by federal agencies and assesses their readiness to adopt the technology in the future.
Industry Response and Outlook:
Cody Carbone, the policy head for the Chamber of Digital Commerce, applauded the House Committee for passing the bill, emphasizing its role in preserving U.S. leadership in blockchain development.
Blockchain Association CEO Kristin Smith highlighted that the bill rightfully advances the nation's competitiveness in the nascent blockchain space.
While the Deploying American Blockchains Act is one of many bills related to blockchain and cryptocurrencies, its passage reflects a positive stance by lawmakers toward fostering innovation in the blockchain sector.
Next Steps:
The bill will proceed to the House for a vote, and if approved, it will move through the Senate before returning for final Congressional approval and potentially receiving the President's assent.
In a legislative landscape with multiple bills related to blockchain and cryptocurrencies, the Deploying American Blockchains Act stands out as a potential catalyst for advancing the adoption and utilization of blockchain technology in the United States. As the industry awaits further developments, this pro-blockchain legislation could contribute to shaping the regulatory framework for blockchain technology in the country.
(JESSE COGHLAN, COINTELEGRAPH, 2023)