By Philip Maina
2 days agoThu Dec 07 2023 10:36:38
Reading Time: 2 minutes
A United States committee has passed a bill compelling the country’s commerce secretary to promote blockchain technology in the country
It hopes to use the bill to become a leader in blockchain usage and development
The bill seeks to introduce the best practices, policies and other factors to govern blockchain usage in the country
The United States House Committee on Energy and Commerce has passed a bill compelling the country’s commerce secretary to promote the use of blockchain technology in the country. It introduces best practices and policies to govern the technology’s usage in the hopes it’ll become a leader in blockchain development. Although the bill is yet to become law, it comes when other countries like China and the European Union have advanced in the field.
US Seeks to Redress China Dominance
Passed unanimously on December 5, the Deploying American Blockchains Act 2023 directs the commerce secretary to boost the country’s competitiveness when it comes to decentralized technologies like blockchain.
The Chamber commends @HouseCommerce for passing the bi-partisan “Deploying American Blockchains Act of 2023” (46-0!!!). This is the kind of common sense, useful legislation that we need to support this innovative industry.
Read the bill text here: https://t.co/MdhVtrisrk
— Chamber of Digital Commerce (@DigitalChamber) December 6, 2023
The bill suggests the creation of a committee whose membership will include entities from government agencies, stakeholders and experts in the blockchain space. It also suggests the use of blockchain technology by government agencies.
Individuals commenting on the bill congratulated the committee for the move, noting that it’s time the U.S. controls a section of the blockchain space that is majorly in the hands of China.
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
Has a Long Way Before Becoming Law
The bill now needs passing in the House, Senate, Congress and presidential approval before becoming law.
Its passing comes a few weeks after U.S. lawmakers created a bill seeking to block government entities from interacting with Chinese blockchains. It also comes when other countries like Belgium and Japan are increasing their involvement with blockchain technology.
With the U.S. showing interest in blockchain technology, it’s to be seen whether it’ll overtake China in blockchain development.
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