A unanimous decision by a U.S. congressional committee marked the passage of a blockchain-friendly bill that holds the potential to bolster the nation's adoption of blockchain technology. On December 5, the House Energy and Commerce Committee voted 46-0 in favor of H.R. 6572, also known as the Deploying America’s Blockchain Act of 2023, amid the approval of 44 pieces of legislation.
Spanning 13 pages, the bill primarily aims to empower Commerce Secretary Gina Raimondo to take affirmative actions to advance the utilization, application, and deployment of blockchain technology within the United States. The proposed legislation intends to boost the nation's competitiveness through the widespread adoption of this technology.
Cody Carbone, the policy director at Digital Chamber of Commerce, lauded the committee's move on social media, emphasizing that this bill is crucial in sustaining the U.S.'s leadership role in blockchain development. Christine Smith, CEO of the Blockchain Association, similarly praised the bill, noting its positive impact on enhancing the nation's competitiveness in the burgeoning field.
Upon passage, the bill mandates several initiatives for the Commerce Secretary, including the formulation of best practices, policies, and recommendations for blockchain technology's application across public and private sectors. Additionally, it outlines the creation of a "Blockchain Deployment Plan" aimed at supporting the technology's widespread use. Moreover, a government advisory committee comprising federal agency representatives, industry stakeholders, and experts will be formed to foster blockchain adoption, promote leadership in this domain, and improve coordination among federal agencies seeking to leverage blockchain.
The bill emerged as one of several initiatives discussed in Congress since 2022, with some prior attempts stalling in 2023 under the House speaker. However, its significance pales in comparison to bills like the 21st Century Financial Innovation and Technology Act, which tackles more contentious issues, such as the categorization of cryptocurrencies as commodities or securities and the delineation of agency jurisdiction.
The bill is now slated for a vote in the House of Representatives. If it successfully clears the House, it will proceed to the Senate for further consideration before reaching Congress and ultimately the president for final approval.
