The Blockchain Act was passed on 29 September by the US House of Representatives. And now it is heading to the Senate.
Currently, the Consumer Security Technology Act (HR 8128), which now incorporates the Digital Taxonomy Act and the Blockchain Innovation Act. It was passed on September 29. In the U.S. House of Representatives.
It should be noted that the Digital Taxonomy Act and the Blockchain Innovation Act were introduced by Representative Darren Soto. Undoubtedly, they were approved by voice vote. In the United States House of Representatives.
To date, Darren Soto has expressed his concern. He referred to the lack of understanding of the United States government about the Blockchain technology. As a result, it may be preventing the country from building a competitive crypto-currency sector.
Statute on Blockchain in the United States
The Consumer Safety Technology Act (HR 8128). Specifically, it mandates the Consumer Product Safety Commission. To explore applications for Artificial Intelligence (AI).
This Blockchain Act will take steps to protect the public from fraudulent projects. While using Blockchain.
Congressman Darren Soto said:
„As legislators. It is our duty to ensure that America continues to lead in Blockchain technology.
The Digital Taxonomy Act (HR 2154)
To clarify, this Act is implemented to prevent unfair or deceptive practices. Related to transactions involving digital tokens. Naturally, digital tokens include digital currency or crypto-currency.
In fact, the Digital Taxonomy Act mandates the Federal Trade Commission (FTC), a consumer protection agency, to train staff. Also, to allocate resources to identify and protect against deceptive acts or practices.
In addition, it orders the agency. To produce a report for the House Committee on Energy and Commerce. As well as the U.S. Committee on Commerce, Science and Transportation. Detailing its efforts to combat such deception. And describing the actions it has taken.
Without a doubt, Darren Soto said:
„The Digital Taxonomy Act. It adds greater jurisdictional clarity. For a strong crypto market in the United States“.
By the way, it was co-sponsored by Representative Brett Gutherie (R-KY). And representative Doris Matsui (D-CA).
The Blockchain Innovation Act (HR 8153)
It will usually require a report from the Federal Trade Commission. Mainly on the role of Blockchain in consumer protection. Including its use to reduce fraud. And to increase security.
In this regard, it asks the Secretary of Commerce to identify best practices to facilitate public-private partnerships in Blockchain technology. Also, the ways in which greater regulatory clarity will encourage national innovation.
It is also true, that it was co-sponsored by Warren Davidson (OH-8).
Finally, this bill by Congressman Darren Soto. It seeks to expand the potential of the crypto ecosystem. While leading the United States to a government enhanced by Blockchain technology.
I say goodbye with this sentence from Mahatma Gandhi: „We gain justice more quickly. If we do justice to the other side“.