Cryptocurrencies

While the cryptocurrency community waits for the US House of Representatives to vote on the Innovation Act

While the cryptocurrency community waits for the US House of Representatives to vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, it has passed another, more modest pro-crypto bill: the US Blockchains Deployment Act of 2023, which was approved by a margin of 334 to 79.

The bipartisan bill directs Commerce Secretary — currently Gina Raimondo — “to take necessary and appropriate actions to enhance the competitiveness of U.S. blockchain or other distributed ledger technology.”

The bill establishes the Secretary as the principal presidential advisor on blockchain and gives the Secretary several responsibilities that include policy development, research, and promotion of the technology. It also provides for the formation of an advisory committee to the Secretary consisting of government, industry, academic, and cultural representatives and to report annually to Congress.

RELATED: The US House of Representatives will vote on the FIT21 bill before the weekend

The bill was introduced by representatives Lisa Blunt Rochester and Larry Bookshon, neither of whom had a prior record on blockchain or cryptocurrency issues. On December 5, the House Energy and Commerce Committee unanimously approved it. It has been endorsed by the Chamber of Digital Commerce and the Blockchain Association.

US Blockchain Deployment Act of 2023. Source: congress.gov

Opponents of the bill included cryptocurrency skeptics Sean Kasten, Bill Foster, Brad Sherman, and Senator Cynthia Lummis’ House colleague Harriet Hagman. Kasten was the lead sponsor, along with Sherman, Foster and others, of the Blockchain Integrity Act, which was introduced in the House of Representatives on May 7. This bill would ban the use of cryptocurrency mixing services for two years while the Treasury Department prepares an assessment. who are they. This bill has not yet been put to a vote.

While The Cryptocurrency Community Waits For The Us House Of Representatives To Vote On The Innovation Act
Source: Marty Party

The House of Representatives passed the bill on May 15. Two blockchain-adjacent bills — the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act — were passed on the same day. All of these bills will now come up for consideration in the Senate.

There are currently as many as 50 bills affecting cryptocurrencies in the US Congress in various stages of consideration.

Magazine: Fear and doubt among lawmakers are driving proposed crypto regulations in the United States

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