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U.S. lawmakers pass laws to study blockchain technology in commerce

September 10, 2020

The U.S. Energy and Trade Committee has just passed two bills to advance deeper analysis of blockchain technology in the government.and pave the way for your vote in the House of Representatives.

In an online debate moderated by the founder of the Chamber for Digital Commerce Perianne boringOn September 9th, the Democratic Representative of the 9th District of Florida, Darren Soto, announced that after “almost two years of pressure”, The Energy and Trade Committee had passed the Digital Taxonomy Act. Also, The committee approved the American COMPETE Act. Both laws will now go to the main floor of the United States House of Representatives for voting.

The Digital Taxonomy Act, if passed in Congress, would instruct the Department of Commerce, in consultation with the Federal Trade Commission (FTC), to conduct a study on the state of blockchain technology and submit it to various House and Senate committees. The FTC would also have to report recommendations on unfair and misleading practices related to digital tokens.

U.S. lawmakers pass laws to study blockchain technology in commerceU.S. lawmakers pass laws to study blockchain technology in commerce

Under the American COMPETE Act, the Department of Commerce would have to review this study and report to Congress on the state of artificial intelligence, quantum computers, blockchain technology, and related emerging industries.

“It’s a first step”said Soto, who sponsored the first bill with Rep. Brett Guthrie (R-KY) and the representative Doris Matsui (D-CA). “We definitely want to get more substantial legislation in place. But for now, the funds and initial reports from the Commerce Department, the FTC, the Department of Defense and others are going to acclimate Congress because a lot of people don’t understand the technology.” .

Soto is one of the main characters shaping cryptocurrency policy within Congress. He has often expressed concern that lThe U.S. government’s lack of understanding of new technologies is preventing the country from building a competitive cryptocurrency sector.

“That is our biggest obstacle. It’s not partisanship, it’s ignorance that we fight. These reports make everyone known. “

However, the congressman also led some legislative victories. In August eThe U.S. Department of Agriculture proposed changing its organic produce regulations to use blockchain technology to track its supply chain.. Soto also joined several other members of Congress in petitioning the IRS not to claim the rewards of ProS-of-Stake blockchain (PoS) platforms.

“We have long-term goals in working with the digital camera to achieve a center of excellence for cryptocurrencies in the Department of Commerce that really helps elaborate the various uses of blockchain. Be it in financial transactions, in maintaining communication securely, either for the Keep data safe. “

Soto practices what he preaches. The congressman also announced that he would accept contributions to the encryption campaign. Their website is currently showing the option to donate up to $ 2,800 using BitPay.

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