HomeLatest NewsLegislation on blockchain in commerce to hit Congress floor

Legislation on blockchain in commerce to hit Congress floor

September 10, 2020 By Sam Grant

US legislators approve two bills in the blockchain and digital asset space that will now proceed to the House of Representatives for a vote

The Committee on Energy and Commerce rubber-stamped two legislation pieces in the blockchain field yesterday in an online debate. Darren Soto, an influential US representative pushing for crypto policies, reported that the Committee on Energy and Commerce had finally accepted the Digital Taxonomy Act.

The committee also passed the American COMPETE Act that will now climb to the main floor alongside the Digital Taxonomy Act.

If passed, the latter Act would require that the Federal Trade Commission in conjunction with the Department of Commerce carry out a comprehensive study and submit findings on the state of blockchain technology.

The American COMPETE Act will order the Department of Commerce to report to Congress on the state of other tech spaces like Quantum computing and AI.

A step in the right direction

Darren Soto praised the approval, labelling it as “a first step” in the right direction.

“We definitely want to get into more substantive legislation. But for right now the appropriations and getting the first reports done by the Department of Commerce, the FTC, the DoD, and others are going to acclimate Congress because a lot of folks don’t understand the technology,” he said.

Soto has occasionally voiced concerns about the US government’s indisposition to new trends. The congressman claims that the incomprehension of new technology has impeded the growth of a competitive US cryptocurrency sector.

“That’s our biggest obstacle. It’s not partisanship — it’s ignorance that we battle against. These reports familiarize everybody,” Soto explained.

Still and all, the congressman was quick to mention and appreciate the past legislative triumphs.

“We have long-term goals working with the digital chamber to get a cryptocurrency centre of excellence in the Department of Commerce to really help work on the various different ways blockchain can be utilized,” the Democratic Representative of Florida’s 9th District added.