American lawmakers have lent support to the Deploying American Blockchains Act of 2023, a blockchain bill that aims to improve the potential of the US in the domain of blockchain technology.
A new blockchain bill in the US has received bipartisan support from lawmakers. The US House of Representatives accorded its approval for the Deploying American Blockchains Act of 2023. The bill received a staggering positive response from the legislators, who voted it with a 334-79 margin. Moreover, the bill has multiple directives to promote blockchain technology in the US.
Firstly, the new crypto regulation directs the US Secretary of Commerce to become the principal advisor to the President on blockchain. The Secretary would work towards making the country competitive in digital ledger technology and blockchain.
The official bill states its goal as to “direct the Secretary of Commerce to take actions necessary and appropriate to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology…”
An advisory committee will assist the Secretary of Commerce on matters related to blockchain technology. The committee will comprise members from academia, industry, governments, and other sources.
Although the new piece of crypto regulation received criticism from a few lawmakers, most were in its support. Meanwhile, industry groups have also stood in support of the crypto regulation. The bill is also a concerted effort by the US to promote the underlying technology of crypto, amidst increasing adoption levels.
A few other bills are in various stages of approval in the US. The first, a stablecoin bill, is one of the most important pieces of regulation in the US crypto space. Other state bills, including in Arkansas, are also in the spotlight for the important subjects they cover.
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