House committee unanimously advances pro-blockchain bill to secure U.S. dominance in blockchain technology

In a significant move to bolster the United States' position in the rapidly evolving blockchain landscape, the House Committee on Energy and Commerce unanimously passed the Deploying American Blockchains Act of 2023 (H.R. 6572) on 5 December. The bill, aimed at preserving U.S. leadership in blockchain development, is part of a series of legislative efforts in Congress to propel the country's adoption and utilisation of blockchain technology.

Govt's commitment to blockchain deployment

The 13-page bill proposes a proactive role for the U.S. commerce secretary, Gina Raimondo, in promoting the competitiveness of the United States in the deployment, use, application, and overall competitiveness of blockchain technology. If the bill progresses, the commerce secretary would be directed to take necessary actions to achieve these objectives.

Key provisions & industry reactions

The proposed legislation outlines various actions for the commerce secretary, including the development of best practices, policies, and recommendations for both the public and private sectors utilising blockchain technology. It also introduces a "Blockchain Deployment Programme" to support the technology's implementation and establish government advisory committees involving federal agencies, blockchain industry stakeholders, and experts.

Cody Carbone, the policy head for the Chamber of Digital Commerce, praised the committee's decision on Twitter, emphasising that the bill will "help preserve U.S. leadership in blockchain development." Kristin Smith, CEO of the Blockchain Association, noted that the bill rightly advances the nation's competitiveness in this emerging space.

Next steps: House vote & Senate approval

While the pro-crypto bill is a positive step, it is not considered as impactful as some other proposed legislation, such as the Financial Innovation and Technology for the 21st Century Act. The Deploying American Blockchains Act of 2023 will now move to the House for a vote. If it secures approval, the bill will proceed to the Senate before final Congressional and presidential approval, signaling the government's commitment to maintaining a leading role in the global blockchain arena.

In a year marked by legislative challenges and the absence of a House speaker, the passage of this bill represents a bipartisan effort to strengthen the nation's position in the burgeoning blockchain industry.