US Congress Adds Two Blockchain Proposals to the Consumer Protection Safety Act
The U.S House of Representatives has approved two blockchain-affiliated Acts through its Committee on Energy and Commerce; this marks the furthest a blockchain bill has come in the 116th Congress. The two Acts which will now be debated on the House as part of the larger Consumer Technology Act include the Blockchain Innovation Act and a section of the Digital Taxonomy Act.
Blockchain joins the list of emerging tech that the Federal Trade Commission (FTC) and Department of Commerce (DoC) will be tasked with consumer threat identification if the bill goes through. Rep Darren Soto (D-Fla) who is one of the bill’s sponsors noted that blockchain tech is excellent and could go a long way with the right regulatory support,
“I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers.”
As it stands, the unregulated nature of blockchain has provided adequate grounds for scammers to engage in fraudulent activity and get away with the same in a blink. This was one of the issues cited by the bill’s sponsors and, in particular Congressman Jerry McEnery (D-CA); he highlighted that the incorporation of parts of the Digital Taxonomy Act would play a major role in protecting consumers from the scammers.
Better Late than Never!
Although a little late to the party, the U.S is gradually catching up with pioneers like Japan which enacted regulatory frameworks for the blockchain and crypto industry as early as April 2017. Politicians in the country have also started to accept donations in Bitcoin; Rep Soto, who sponsored this bill told the Chamber PAC that his campaign would be accepting BTC donations. The Democrat Congressman is not the only one that has gone this road; former presidential candidate Andrew Yang and MN-06 Rep Tom Emmer are the other candidates that have since accepted Bitcoin.