According to an official press release, the United States House of Representatives has passed two blockchain bills which were presented by Congressman Darren Soto. Known as Blockchain Innovation Act and Digital Taxonomy Act are the first bills related to blockchain that have been approved by the House of Representatives. As per the press release, these two passed bills have been incorporated into a third bill called the Consumer Safety Technology Act.
First Bill: Blockchain Innovation Act
Rolled into the Consumer Safety Technology Act, the Blockchain Innovation Act is one of the two bills approved and passed by The House. Following the consumer protection strategy, this act consults with FTC (Federal Trade Commission) and asks the Commerce Department to conduct a study on blockchain technology’s current state in the industry of commerce while focusing on its use for decreasing fraudulent activities in the industry.
Congressman Soto said that blockchain technology has an amazing potential for “innovation as well as economic growth”. Adding more to this, he said in a statement:
“The study mandated by the Blockchain Innovation Act is a starting point meant to give government agencies a chance to make recommendations before any bills pass with a regulatory effect. These recommendations will perform an educational function to Members of Congress and will pave the way for more actionable blockchain-focused legislation.”
Second Bill: Digital Taxonomy Act
The second bill passed by The House of Representatives is the Digital Taxonomy Act which is also a part of the Consumer Safety Technology Act. This act focuses on applying necessary measures for preventing unfair and deceptive practices related to cryptocurrencies.
Talking about this bill, Congressman Soto said, “The Digital Taxonomy Act adds greater jurisdictional clarity for a strong digital asset market in the United States.”
“The amended version of the original bill highlights the importance of digital tokens and blockchain technology in driving innovation and consumer protection initiatives. The bill directs the Federal Trade Commission to produce a report that would detail how the FTC protects consumers from unfair and deceptive acts or practices and provide further recommendations. Hearing the opinion of regulators is an important first step to encouraging regulatory clarity with the aims of promoting innovation and maximizing the potential of virtual currencies for the U.S. economy,” he added.