US House Committee Advances Blockchain Deployment Act

A pro-blockchain bill that received unanimous support from a US House committee would mandate the U.S. commerce secretary to promote blockchain deployment in an effort to increase the nation’s use of the technology.

On December 5, the House Committee on Energy and Commerce adopted the Deploying American Blockchains Act of 2023 (H.R. 6572) by a vote of 46-0. The session’s objective was to clear 44 bills.

In regards to the deployment, utilization, application, and competitiveness of blockchain technology or other distributed ledger technologies, the thirteen-page blockchain bill would mandate Secretary of Commerce Gina Raimondo to “take actions necessary and appropriate to promote the competitiveness of the United States.”

Chamber of Digital Commerce policy head Cody Carbone praised the committee’s passage of the bill on X (Twitter), stating that it will “help maintain the desperately needed leadership position of the United States in blockchain development.”

Kirsti Smith, chief executive officer of the Blockchain Association, stated prior to the bill’s passage that it “justly increases the competitiveness of the United States in this emerging field.” If the measure is ratified, the commerce secretary would be obligated to undertake a variety of responsibilities, which would include formulating policies, recommendations, and best practices for the personal and business sectors regarding the use of blockchain technology.

To aid in the implementation of the technology, a “Blockchain Deployment Program” would be established. In order to promote the adoption of blockchain technology, the proposal also entails the formation of government advisory committees comprised of experts, federal agency representatives, and stakeholders from the blockchain industry, among others.

Enhancing coordination among federal agencies interested in implementing blockchain technology and promoting blockchain leadership would also be included. Research will also be conducted on the present utilization of blockchain technology by federal agencies as well as their future readiness to implement this innovation.

Since 2022, at least fifty bills supporting cryptocurrencies have circulated in Congress; this year, the chamber has been paralyzed due to the absence of a House speaker.

The Financial Innovation and Technology for the 21st Century Act, which would clarify regulator jurisdictions and establish a procedure for the contentious issue of classifying cryptocurrencies as securities or commodities, is considered to have a greater potential for significant influence than this act.

Thereafter, the bill will be voted on in the House. Upon receiving final approval from Congress and the president, the bill will proceed to the Senate for further consideration.