The US Congress is becoming more friendly to cryptocurrencies and blockchain technology.
Recently, the bill Deploying American Blockchains Act of 2023, which seeks to preserve the United States' leadership in blockchain technology innovation, was unanimously approved by the House of Representatives.
Kristin Smith, president of the Blockchain Association, said the passage of this bill promotes U.S. competitiveness in the nascent cryptocurrency and blockchain space.
According to Smith, the introduction of the American Blockchain Deployment Act of 2023 is critical to the country “lead the development and implementation of blockchain technology”, which has innovative applications that will change the world in the coming years.
What does the Deploying American Blockchain Act of 2023 bill contain?
The bill recently approved by the House, a 13-page document, seeks to have the country's Ministry of Commerce adopt a series of necessary measures to promote the nation's competitiveness within the blockchain industry.
According to text of the law, the United States can strengthen its technological leadership through the disruptive innovation of the blockchain, establishing clear standards that allow its agencies to safely introduce this technology, in order to take advantage of its capabilities to Improve the resilience of current systems against cyber attacks, optimize management, reduce operating costs and increase transparency.
The bill in question states that Commerce Secretary should promote US blockchain competitiveness or other distributed ledger technology (DLT), in order to boost the use and adoption of innovative blockchain-based applications, as well as tokenization, one of the most emerging sectors within the crypto space and the financial field.
The bill in question, on the other hand, calls on the United States Secretary of Commerce to establish a blockchain technology deployment program, as well as advisory committees that help to potentially increase the use of blockchain within the country.
The United States is becoming more friendly to new technologies
The North American nation appears to be taking a more comprehensive approach to emerging technologies, such as blockchain and Web3, as these innovations gain greater traction and expand across different industries.
In June, US lawmakers voted in favor of the bills “Financial Innovation and Technology for the 21st Century Act” y “Blockchain Regulatory Certainty Act”, a fact that marked an important milestone, as they were the first regulatory proposals focused exclusively on the crypto industry.
Now, with the recently passed blockchain bill, the United States is taking another step toward innovation.
Jesse Hamilton, managing editor at CoinDesk, commented that the proposed law Deploying American Blockchains Act of 2023 It is not among the major regulatory projects that the crypto community hopes to see approved in Congress. However, it does represent a step forward in building a comprehensive crypto framework in the country.
In addition to this bill, New Jersey lawmakers they voted in favor of the bill “Classifies all virtual currencies issued and sold to institutional investors as securities”, which classifies all cryptocurrencies and digital currencies issued and offered directly to institutional investors as securities subject to current state regulations.
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