A trio of United States Home Representatives — two Democrats and a Republican — have formally launched a brand new invoice to spur extra in-depth e
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 Vitality and Commerce.
The invoice proposes to direct the U.S. Secretary of Commerce, in session with the Federal Commerce Fee (FTC), “to conduct a research and undergo Congress a report on the state of the blockchain know-how and use in client safety, and for different functions.”
In Could, 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 research on the impression of blockchain know-how on U.S. companies in interstate commerce inside two years.
The draft laws had, amongst different targets, 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 businesses 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 conserving cryptocurrencies beneath the oversight of the Commodities and Futures Buying and selling Fee (CFTC) and FTC. Soto argued on the time that these businesses have a “lighter contact” than the Securities and Alternate Fee (SEC).
For blockchain and cryptocurrency fans, Rep. Soto will seemingly be a well-known identify on account of 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 will suggest 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.