Bipartisan bill to study blockchain and crypto passes US House of Representatives

The House of Representatives, lower house of the United States Congress,  passed two bills on Tuesday, June 22nd. 

There are two blockchain bills that were passed: the Blockchain Innovation Act and parts of the Digital Taxonomy Act. They are intended to direct the Secretary of Commerce and the Federal Trade Commission (FTC) to study and report on the use of blockchain technology and digital tokens.

However, this is not the first time a blockchain-related bill was passed in the House. During the Trump Administration, in September, 2020 – a similar bill was passed the House of Representatives, but did not get approval from the Senate. 

This would be the second attempt of McNerny and his co-sponsors, including longtime blockchain advocate Rep. Darren Soto (D-Fla.). In his speech, Rep. Soto expressed the importance of the US leading growth in the emerging markets such as AI and blockchain. He also pointed out that other countries are getting ahead of the United States because there are no clear regulations or policies in place. 

“Emerging technologies like artificial intelligence, blockchain technology and cryptocurrency are playing a growing importance in our daily lives and are going to be an economic driver for the 21st century economy,” Soto said in a speech on Tuesday, adding: 

“It’s essential that the United States continue to be a global leader in these emerging technologies to ensure that our democratic values remain at the forefront of this technological development.”

Soto said the Consumer Safety Technology Act is the first step toward the Congressional Blockchain Caucus’ long-term goal of creating a Blockchain Center of Excellence in the Department of Commerce.

It is great to see huge economies, such as the USA, putting effort to officially incorporate blockchain and crypto. However, the true essence of crypto and blockchain technology is the financial independence, elimination of bureaucracy, and moving into a decentralized financial system. It is going to be an interesting journey to see how leading countries will move from fully traditional economic systems to decentralized and crypto-powered economies. If you want to learn more about recent crypto-news and token review, you can follow LATOKEN on Medium, on LATOKEN Blog or LATOKEN VCTV channels. 


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