US House Approves Bipartisan Blockchain Competitiveness Bill

The crypto community is eagerly waiting for the United States House of Representatives to vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act. In the meantime, a different pro-crypto bill has quietly passed through the House: the Deploying American Blockchains Act of 2023. This bill was approved with a significant margin, with 334 votes in favor and 79 against.

The Deploying American Blockchains Act is a bipartisan effort aiming to enhance the United States’ competitiveness in blockchain technology and other forms of distributed ledger technology. The bill assigns several crucial responsibilities to the Secretary of Commerce, currently Gina Raimondo. She is directed to take necessary actions to promote blockchain technology’s competitiveness and is designated as the principal presidential advisor on the subject. Her duties will include policy development, research, and technology promotion.

The bill calls for forming an advisory committee to assist the Secretary of Commerce. This committee is to include representatives from government, industry, academia, and cultural sectors, offering a comprehensive perspective on the technology. The committee will also be required to present an annual report to Congress, outlining progress and developments.

The bill was introduced by Representatives Lisa Blunt Rochester and Larry Bucshon. Notably, neither Rochester nor Bucshon had a prior track record dealing with blockchain or crypto-related issues. The bill received unanimous approval from the House Committee on Energy and Commerce on December 5. It was also endorsed by prominent organizations like the Chamber of Digital Commerce and the Blockchain Association.

Despite the broad support, some notable legislators opposed the bill, including crypto skeptics such as Sean Casten, Bill Foster, and Brad Sherman. Interestingly, Senator Cynthia Lummis’s lower house colleague Harriet Hageman, who is typically pro-crypto, was also among the bill’s opponents. Casten, along with Sherman, Foster, and others, had earlier introduced the Blockchain Integrity Act on May 7. This separate bill aims to ban the use of crypto mixing services for two years while the Treasury Department conducts an assessment. This bill has not yet been brought to a vote.

On May 15, the House passed the Deploying American Blockchains Act. Two other blockchain-related bills—the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act—were also passed on the same day. These bills now move to the Senate for further consideration.

Currently, there are around 50 bills related to cryptocurrency under various stages of review in the United States Congress. These legislative efforts reflect the growing scrutiny and interest in regulating and promoting blockchain technology within the country. As each bill makes its way through the legislative process, stakeholders from various sectors eagerly await the results, which could significantly impact the future of cryptocurrency and blockchain technology in the U.S.

The passing of these bills, particularly the Deploying American Blockchains Act, signifies a step forward for the crypto community and supporters of blockchain technology. It shows a bipartisan willingness to explore and support the development of innovative technologies aimed at enhancing the nation’s competitive edge. With the Senate set to review these bills next, the journey towards comprehensive blockchain legislation in the U.S. continues.