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Legislators in the United States are putting forward a bill for a detailed study of blockchain in retail

September 4, 2020

Three United States House Congressmen – two Democrats and one Republican. officially launched a new bill to advance deeper analysis of blockchain technology in Congress.

On September 1, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) submitted a new bill to the House, which was then referred to committee. for energy and trade.

The bill proposes to appoint the US Secretary of Commerce in consultation with the Federal Trade Commission (FTC). “Conduct a study and report to Congress on the state of blockchain technology and its use in consumer protection and other purposes.”

Legislators in the United States are putting forward a bill for a detailed study of blockchain in retailLegislators in the United States are putting forward a bill for a detailed study of blockchain in retail

In May, Cointelegraph received a draft law drafted by Representative Guthrie entitled “Advancing Blockchain Act”, according to which the Secretary of Commerce and the FTC would have to conduct a study on the impact of blockchain technology on US companies in international trade. within two years.

Among other things, the draft law sought to classify the USA in relation to the national blockchain strategies of other countries.

He also called for a clear definition of the jurisdiction and experience of various federal agencies in relation to blockchain technologies.

Cryptocurrencies or digital assets are not mentioned in this week’s bill or in the previous bill, but the focus is limited to blockchain.

Guthrie’s co-sponsor for this week’s bill, Representative Soto, previously advocated keeping cryptocurrencies under the supervision of the Commodities and Futures Trading Commission (CFTC) and the FTC. Soto argued at the time that these agencies have a “lighter touch” than the Securities and Exchange Commission (SEC).

For blockchain and crypto enthusiasts, Rep Soto is likely to be a household name due to his role as co-chair of the Blockchain Caucus, a government group focused on blockchain politics.

Among other things, he was a sponsor and co-sponsor of the Token Taxonomy Law and the Digital Taxonomy Law.

For your part, Representative Matsui, along with Representative Guthrie, They introduced a bill in February 2019 to help the Secretary of Commerce establish a working group that would recommend a definition of blockchain technology to Congress.

This was later addressed in a Senate bill drafted by Senator Todd Young (R-IN) entitled “Blockchain Promotion Act” of 2019.

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