U.S. House Panel Advances Legislation for Blockchain Leadership

The Deploying American Blockchains Act of 2023 was unanimously passed by the U.S. House Committee on Energy and Commerce, marking a significant advancement in the nation’s application of blockchain technology. After passing with a resounding 46–0 vote on December 5, the law is expected to have a major impact on strengthening the US’s competitive advantage in the rapidly evolving field of distributed ledger and blockchain technology.

The law, which is included in a brief 13-page document, requires Secretary of Commerce Gina Raimondo to take proactive steps to improve the US’s standing in the deployment and utilization of blockchain technology. This strategic program supports the country’s goal of increasing its technical competitiveness in the international arena.

Celebration and Recognition from Industry Leaders

The Chamber of Digital Commerce’s policy director, Cody Carbone, praised the committee’s vote on social media and emphasized the importance of the measure for preserving American leadership in blockchain development. The CEO of the Blockchain Association, Kristin Smith, reiterated this opinion and acknowledged the significance of the measure in improving the country’s image in this quickly developing industry.

The measure lays out a number of Secretary Raimondo’s responsibilities, including as creating best practices and policy suggestions for the public and commercial sectors that use blockchain technology. It also suggests creating advisory panels and a blockchain implementation program. These groups, which are made up of specialists, industry stakeholders, and representatives of federal agencies, work to promote the implementation of blockchain technology in a variety of fields.

The Deploying American Blockchains Act is one of several proposals circulating in Congress, despite being a major step toward blockchain implementation. Interestingly, it doesn’t appear to have much of an effect on more general financial technology changes, such the Financial Innovation and Technology for the 21st Century Act, which focuses on regulatory authorities and cryptocurrency classification.

The approved bill will now be put to a vote in the House. If it is successful in the House, it will move on to the Senate, where it will need to pass muster before Congress and the President can give it their ultimate approval. This is a significant turning point in the Deploying American Blockchains Act’s legislative path, one that might influence the direction that the US takes in the blockchain space.