The US Congress has passed a bill tasking the Secretary of Commerce with promoting the use of Blockchain technology in the country.
The Deploying American Blockchains Act of 2023, which seeks to promote U.S. leadership and authority in blockchain technology innovation, was approved this week by the country’s House of Representatives, with a vote of 334 in favor and 79 against.
The vote marks a significant step towards the nation's technological development and the growth of its leadership in the blockchain and Web3 industry.
Specifically, the bill empowers the secretary of commerce, who heads the U.S. Department of Commerce, to Lead the development, use and implementation of blockchain technology in the country, and authorizes it to establish the necessary measures to promote the nation's competitiveness in relation to blockchain technology.
United States advances in leadership of the blockchain industry
The US Deploying American Blockchains Act has garnered bipartisan support in a vote in Congress, highlighting the growing recognition that new technologies, such as blockchain, are gaining within the US government.
The law sets blockchain technology as:
“A distributed digital database in which data is: (A) shared across a computer network to create a record of verified information among network participants; (B) linked by cryptography to maintain the integrity of the ledger and perform other functions; and (C) distributed among network participants in an automated manner to simultaneously update the network participants' ledger and other functions.”
In addition to this, the bill in question gives the Secretary of Commerce authority to act as the President's principal advisor for the implementation of policies related to blockchain technology, relating to the deployment, use, application and competitiveness of this innovation.
The Secretary of Commerce will also be responsible for creating and promoting an implementation program and an advisory committee on the use of blockchain technology, as well as educating and encouraging the adoption of this technological innovation in key areas and agencies of the country. The fundamental objectives established in the law will be to promote the adoption of the blockchain and guarantee the security of the platforms and systems that make use of this innovation, to promote American leadership in the development and deployment of this industry.
As part of this bill, the department is expected to launch several initiatives that will encourage the creation of educational programs related to technology, to increase understanding of its potential among legislators, regulators and the general public, and to incentivize the creation of a regulatory environment more favorable to responsible innovation.
Favorable developments for the crypto industry in the US in the last week
The passage of the Deploying American Blockchains Act of 2023 follows a series of favorable developments related to the crypto/blockchain industry that have taken place in the country over the past week.
As reported by this media, the United States not only approved this bill related to blockchain technology, but also gave the green light to a new resolution which will facilitate the entry of regulated commercial banks into cryptocurrency custody. The Securities and Exchange Commission (SEC) is also expected to approve Ethereum spot ETFs, which would result in a major milestone for the crypto market, while more lawmakers are speaking out in favor of the Financial Technology and Innovation for the 21st Century (FITXNUMX) bill, designed to strengthen the country’s technological leadership in digital assets.
For lawmakers, ensuring U.S. participation in a growing industry like blockchain is crucial to its global leadership, as China devotes more resources to blockchain research and implementation in a variety of areas.
