US House Greenlights Bill to Boost Blockchain Leadership Now!

Washington, D.C. Thursday, December 7 – Another milestone was achieved in the U.S. House of Representatives on December 7, as a crypto bill secured unanimous approval from a committee.¹

The proposed legislation aims to instruct the U.S. Secretary of Commerce to actively endorse and support blockchain technology.

The House Committee on Energy and Commerce unanimously approved legislation directing the Department of Commerce to promote domestic blockchain competitiveness.

The bipartisan bill, dubbed the “Digital Taxonomy Act,” marks an important step forward for blockchain advocacy groups and could influence broader U.S. policy towards the technology.

Previously introduced by Representatives Paul Tonko (D-NY) and Tom Emmer (R-MN), the Act instructs the Department of Commerce to establish a working group focused on blockchain innovation.

This group, tasked with analyzing and categorizing different blockchain applications, aims to inform future regulatory frameworks and identify areas where the U.S. can foster technological advancement.

Supporters of the legislation argue that a clear government stance on blockchain, including identifying legitimate uses and mitigating potential risks, is crucial for attracting investment and talent to the United States.

Proponents argue that the act paves the way for future legislation and public-private partnerships aimed at harnessing this potential for domestic economic growth and global leadership.

While the House committee’s endorsement represents a significant hurdle cleared, the bill still faces a long journey before becoming law. It must pass the full House of Representatives, navigate the Senate, and gain President Biden’s signature.

Additionally, potential amendments and compromises could reshape the final legislation.

Sources