With overwhelming support, the House Committee on Energy and Commerce passed a progressive bill to increase the US’s standing in the blockchain industry. The Deploying American Blockchains Act of 2023, also known as H.R. 6572, was overwhelmingly supported on December 5 during a thorough session that covered 44 legislative ideas. They cast a vote of 46-0 in favor of the legislation.

Gina Raimondo, the U.S. Commerce Secretary, has a strategic mandate outlined in her 13-page pro-blockchain bill. Raimondo is specifically required to take “actions necessary and appropriate” to improve the competitiveness of the United States concerning the implementation, use, application, and general competitiveness of distributed ledger technologies, such as blockchain.

Chamber of Digital Commerce Confirms the Vote

Progressive Bill to Increase the US's Standing in the Blockchain Industry

Head of Policy at the Chamber of Digital Commerce Cody Carbone tweeted his gratitude for the committee’s vote, emphasizing that the bill might “preserve U.S. leadership in blockchain development,” which is an essential need given the present landscape.

Kristin Smith, CEO of the Blockchain Association, praised the bill’s proactive approach before it was unanimously approved, stating that it “rightfully advances our nation’s competitiveness in this nascent space.” The bill is a component of a larger congressional initiative to advance blockchain technology’s national integration and adoption.

What Will This Blockchain Bill Achieve?

Progressive Bill to Increase the US's Standing in the Blockchain Industry

If it becomes law, the comprehensive plan would assign the commerce secretary several duties, including developing best practices, guidelines, and suggestions that would apply to the public and commercial sectors that use blockchain technology.

One of the most essential parts of the legislation is the creation of a “Blockchain Deployment Program” that will facilitate the broad use of this technology. This program will run alongside government advisory groups with representatives from federal agencies, specialists, and other relevant players in the blockchain business.

The bill also intends to improve collaboration among government agencies interested in implementing blockchain technology, thereby fostering blockchain leadership on a national level. Extensive research will be conducted to evaluate how federal agencies are now utilizing blockchain technology and to determine whether they are prepared to use it in the future.

While this measure is one of almost fifty pro-crypto initiatives that Congress has been considering since 2022, it has a different revolutionary potential than more well-known bills like the Financial Innovation and Technology for the 21st Century Act. The latter clarifies regulatory jurisdictions by addressing whether cryptocurrencies are classified as securities or commodities.

In conclusion, the House will take up the bill, leading to a vote in the House. The legislative process proceeds via the Senate, reaching the critical stages of final Congressional review and possible presidential approval.