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US legislators introduce bill for in-depth study of blockchain in commerce

US legislators introduce bill for in-depth study of blockchain in commerce

A trio of United States Home Representatives — two Democrats and a Republican — have formally launched a brand new invoice to spur extra in-depth evaluation of blockchain know-how in Congress.

On Sept. 1, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) launched a brand new invoice to the Home, which was subsequently referred to the Committee on Power and Commerce. 

The invoice proposes to direct the U.S. Secretary of Commerce, in session with the Federal Commerce Fee (FTC), “to conduct a examine and undergo Congress a report on the state of the blockchain know-how and use in client safety, and for different functions.”

In Might, Cointelegraph had obtained draft laws ready by Rep. Guthrie entitled the “Advancing Blockchain Act,” which might require the Secretary of Commerce and the FTC to conduct a examine on the affect of blockchain know-how on U.S. companies in interstate commerce inside two years.

The draft laws had, amongst different objectives, sought to rank the U.S. relative to different nations’ nationwide blockchain methods. 

It additionally referred to as for a transparent dedication of the jurisdiction and experience of various federal companies in relation to blockchain applied sciences.

Neither this week’s invoice nor the sooner draft laws point out cryptocurrencies or digital belongings, however as an alternative restrict their focus to blockchain. 

Guthrie’s co-sponsor on this week’s invoice, Rep. Soto, has beforehand advocated protecting cryptocurrencies underneath the oversight of the Commodities and Futures Buying and selling Fee (CFTC) and FTC.  Soto argued on the time that these companies have a “lighter contact” than the Securities and Change Fee (SEC). 

For blockchain and cryptocurrency lovers, Rep. Soto will possible be a well-known title attributable to his position as co-chairman for the Blockchain Caucus, a governmental group centered on blockchain-related coverage. 

He has been a sponsor and co-sponsor, respectively, of the Token Taxonomy Act and the Digital Taxonomy Act, amongst different initiatives.

For her half, Rep. Matsui, along with Rep. Guthrie, launched a invoice in Feb. 2019 to direct the Secretary of Commerce to determine a working group that might advocate to Congress a definition of blockchain know-how.

This was later taken up in a Senate invoice authored by Senator Todd Younger (R-IN), entitled the “Blockchain Promotion Act” of 2019.

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