Law and Legislation

U.S. House Of Representatives Passes Two New Cryptocurrency Bills.

The United States House of Representatives passed two new cryptocurrency-related bills earlier on Tuesday evening.

The Consumer Safety Technology Act, sponsored by Rep. Jerry McNerny [D-Calif.], directs the Purchaser Product Safety Commission to determine a pilot program to explore use cases for AI in commerce. The 2 blockchain bills – the Blockchain Innovation Act and parts of the Digital Taxonomy Act – direct the Secretary of Commerce as well as the Federal Trade Commission [FTC] to review and report on the utilization of blockchain technology and virtual tokens.

The Consumer Safety Technology Act was approved within an earlier session of Congress, passing the House in September of last year, but was never approved by the Senate & therefore died at the close of the session.

By reintroducing the bill and introducing it onto the Senate again, McNerny and his co-sponsors, along with longtime blockchain advocate Rep. Darren Soto [D-Fla.], are giving the bill a second chance.

The blockchain bills are within one among many in a series of attempts to offer regulatory clarity on virtual asset ownership & management. Many within the cryptocurrency ecosystem are increasingly demanding regulation, claiming that the shortage of a legal framework stifles innovation.

The earlier attempts at offering regulatory clarity, along with Rep. Warren Davidson’s [R-Ohio] Token Taxonomy Act, which was primarily introduced earlier in 2018, have not gained any meaningful traction.

Supporters of blockchain regulation fear that a scarcity of governmental guidance puts the United States is in danger of falling behind other nations, including China.

“Emerging technologies like AI, blockchain technology and digital assets are playing a vital importance in our daily lives and are getting to be an economic driver for the 21st-century economy,” Soto revealed within his official speech earlier on Tuesday, adding:

“It’s essential that the United States still remains to be a worldwide leader in these emerging technologies & make sure that our democratic values remain at the forefront of this technological development.”

Soto outlined the Purchaser Safety Technology Act as among the initiative toward the Congressional Blockchain Caucus’ long-term goal of making a Blockchain Center of Excellence within the DOC [Department of Commerce].

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