House panel approves legislation to ‘maintain U.S. dominance’ in blockchain tech

The U.S. House Committee on Energy and Commerce has unanimously passed the Deploying American Blockchains Act of 2023 to boost the nation’s blockchain technology use.

The bill passed with a 46–0 vote on Dec. 5 and represents a major step in potentially increasing the country’s use of blockchain technology.

Crafted into a concise 13-page document, this legislation mandates Secretary of Commerce Gina Raimondo to engage in activities that bolster the United States’ competitive edge in deploying and utilizing blockchain and other distributed ledger technologies. This initiative aligns with the national interest in enhancing technological competitiveness.

Thank you @RepLarryBucshon and @RepLBR ! This bipartisan bill will help preserve U.S. leadership in blockchain development, which is sorely needed.

If you think not, China currently owns 84% of all blockchain patents. It's time for the U.S. to step up.

This bill helps. https://t.co/fVsFrgJzJy

— Cody Carbone (@CodyCarboneDC) December 6, 2023

Cody Carbone, the policy head of the Chamber of Digital Commerce, lauded the committee’s decision. On a social media platform, Carbone highlighted the bill’s critical role in maintaining U.S. leadership in blockchain development. Similarly, Kristin Smith, CEO of the Blockchain Association, acknowledged the bill’s importance in advancing the nation’s position in this emerging sector.

The bill encompasses several directives for the commerce secretary, such as developing best practices and policy recommendations for both public and private sectors in blockchain usage. Additionally, it proposes establishing a blockchain deployment program and advisory committees. The committees would comprise federal agency representatives, industry stakeholders, and experts, fostering blockchain adoption across various sectors.

The legislation has been among at least 50 since last year circulating in Congress, though it doesn’t appear to significantly impact broader financial technology reforms, like the Financial Innovation and Technology for the 21st Century Act. This act notably addresses the classification of cryptocurrencies and regulatory jurisdictions.

The Deploying American Blockchains Act now proceeds to the House for a vote. If successful, it must clear the Senate and receive final approval from Congress and the President.