The US Committee on Energy and Commerce has just approved two legislations to spur more in-depth analysis of blockchain technology in government, clearing the way for their vote in the House of Representatives. In a debate moderated by Chamber of Digital Commerce founder Perianne Boring, Democratic Representative of Florida’s 9th District Darren Soto announced that after “nearly two years of pushing,” the committee had passed the Digital Taxonomy Act. The committee also approved the American COMPETE Act.
Both bills will go to the US House of Representatives for a vote.
After the Committee on Energy and Commerce had passed both bills, they will now go to the main floor of the US House of Representatives for a vote. If passed in Congress, the Digital Taxonomy Act would instruct the Department of Commerce in consultation with the Federal Trade Commission (FTC) to conduct and submit a study on the state of blockchain technology to various committees in the House of Representatives and the Senate. It would also require the Federal Trade Commission to report on recommendations regarding unfair and deceptive practices related to cryptocurrencies.
Blockchain adoption increases amid the ongoing pandemic.
Blockchain technology adoption has increased this year amid the ongoing global pandemic. As reported earlier, the Ministry of Information Technologies and Communications of Colombia (MinTIC) urged the country to adopt blockchain technology. Lawmakers across countries are exploring the idea of blockchain technology and its use in different sectors. The MinTIC cited six countries that have sufficiently advanced in their adoption of blockchain tech and the benefits they are now enjoying. The countries mentioned by the ministry include Estonia, China, United Arab Emirates, the US, and Canada. Later last year, Chinese President Xi Jinping urged the country to take the lead in the blockchain sector.