The House Energy and Commerce Committee overwhelmingly supported the legislation, casting 46 votes in favor. The act mandates US Secretary of Commerce Gina Raimondo to take proactive measures to enhance the nation’s competitiveness in the blockchain and distributed ledger technology (DLT) industry.
One of the key provisions of the bill requires the Secretary of Commerce to develop guidelines for both public and private sectors on utilizing blockchain technology. Additionally, the legislation establishes government advisory committees dedicated to blockchain deployment, comprising representatives from federal agencies and industry stakeholders. It also instructs federal agencies to conduct research on current blockchain applications and prepares them for future implementation.
The Chamber of Digital Commerce’s blockchain lobbying group, led by Cody Carbone, expressed their support for the bill’s passage. Carbone emphasized the need for the United States to take action, referencing China’s dominance, holding a staggering 84% of all blockchain patents.
Thank you @RepLarryBucshon and @RepLBR! This bipartisan bill will help preserve US leadership in blockchain development, which is sorely needed.
If you think not, China currently owns 84% of all blockchain patents. It’s time for the U.S. to step up.
This bill helps. https://t.co/fVsFrgJzJy
— Cody Carbone (@CodyCarboneDC) December 6, 2023
It is worth noting that in November, US legislators proposed a bill to ban the use of Chinese blockchains to safeguard American intelligence and private data from potential breaches. In the same month, lawmakers in North Carolina introduced a bill aimed at promoting the unrestricted use and storage of cryptocurrencies within the state, protecting the freedom of crypto enthusiasts.