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U.S Reps Proposed Bill To Run In-depth Analysis Into Blockchain For Commerce

By Warren Hayes | September 7, 2020
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Three US House Representatives – two Democrats and a Republican – have reportedly proposed a new law supporting in-depth analysis of blockchain, to Congress. 

Specifically, on Sept. 1, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) have jointly put up a new law seeking approval from the House, which was subsequently referred to the Committee on Energy and Commerce. 

The newly introduced law reportedly put the U.S. Secretary of Commerce, in consultation with the Federal Trade Commission (FTC), in the direction to carry out “a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes.”

Previously in May, a draft legislation has reportedly been finalized by Rep. Guthrie – dubbed the “Advancing Blockchain Act” – which would reportedly call for the Secretary of Commerce and the FTC to run a research into the effect of blockchain on U.S. businesses in interstate commerce, throughout a 2-year time frame. 

One of the targets of the draft legislation is reportedly to rank the U.S. relative to numerous other national blockchain strategies from different nations. 

It reportedly also urged for a clarified definition of the jurisdiction and professional opinion of other federal agencies, regarding blockchain. 

Neither the previous draft legislation or the newly proposed law focused on cryptocurrency, but mainly discussed blockchain.

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