US lawmakers introduce a bill to study blockchain for consumer protection – a report by Sahil Kohli.

Three US House Representatives introduced a new bill to spur a more in-depth analysis of blockchain technology in Congress.

Three United States House Representatives, two Democrats, and a Republican have officially introduced a new bill to spur more in-depth analysis of blockchain technology in Congress. Earlier this week, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY), and Rep. Doris Matsui (D-CA) introduced a new bill to the House, which was subsequently referred to the Committee on Energy and Commerce. In consultation with the Federal Trade Commission, the bill proposes to direct the US Secretary of Commerce to conduct a study on blockchain tech and its use in consumer protection.

 

The bill proposes to submit a report to Congress on the state of blockchain tech.

The bill proposes to direct the US Secretary of Commerce, in consultation with the Federal Trade Commission, “to conduct a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes.” Earlier, draft legislation prepared by Rep. Guthrie entitled the “Advancing Blockchain Act” required the Secretary of Commerce and the FTC to conduct a study on blockchain technology’s impact on US businesses in interstate commerce within two years. The draft legislation had, among other goals, sought to rank the US relative to other countries’ national blockchain strategies.

 

Lawmakers around the world take a serious look at blockchain tech. 

The adoption of blockchain tech has increased amid the ongoing global pandemic. As reported previously, the Ministry of Information Technologies and Communications of Colombia urged the country to adopt blockchain technology. Lawmakers all over the world are exploring the idea of blockchain technology and its use in different sectors. The MinTIC cited six countries that have advanced in their adoption of blockchain technology and the benefits they are now enjoying. Countries including Estonia, China, United Arab Emirates, the US, and Canada have excelled in adopting blockchain tech. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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