Major Victory for Blockchain Deployment US Congressional Committee Unanimously Passes Relevant Bill

Significant Breakthrough for Blockchain Implementation US Congressional Committee Unanimously Approves Critical Legislation

Compiled by: Blockchain Knight

The US House Energy and Commerce Committee (USCC) recently unanimously passed the “2023 US Blockchain Deployment Act,” which is an important step taken by the US Congress in embracing blockchain technology. The bill ultimately passed with a vote of 46-0, and is part of the USCC’s handling of 44 pieces of legislation at a comprehensive meeting.

The main purpose of this bill is to empower the Secretary of Commerce to take necessary or appropriate actions to promote US competitiveness in emerging technology fields.

Under this bill, the Secretary of Commerce will play a crucial role as the President’s chief advisor in providing policy guidance on applications, tokens, and tokenization.

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The “2023 US Blockchain Deployment Act” contains several key provisions aimed at promoting the application and competitiveness of blockchain technology in the United States.

One important provision involves establishing a “best path” under the guidance of the Secretary of Commerce. There is a need to develop and implement guidance to assist various departments (including the private sector, public sector, and public-private partnerships) in effectively deploying distributed ledger technology (DLT) to enhance their capabilities and relevant applications.

Another important aspect of this legislation is to empower the Secretary of Commerce with the responsibility to formulate policies and make recommendations. These policies involve many critical issues, such as decentralized identities, cybersecurity, key storage, artificial intelligence, fraud reduction, regulatory compliance, e-commerce, healthcare applications, and supply chain resilience.

The main goals proposed by these policies are to address risks and challenges related to digital signature technology and its applications, ensuring a “robust and secure” environment for the use of blockchain technology. The legislation strongly emphasizes the stability, maintenance, improvement, and security of blockchain technology, applications, tokens, and tokenization.

At the same time, this legislation aims to strengthen the United States’ leadership in leveraging blockchain technology to drive innovation and economic growth by increasing ecosystem stability.

This legislation also promotes coordination among federal agencies to facilitate seamless adoption and implementation of opinions. By encouraging collaboration and information sharing, federal agencies can effectively deploy DLT and its related applications.

It is worth noting that this legislation also delves into how federal agencies can benefit from utilizing blockchain technology and identifies potential security measures to protect critical infrastructure.

Finally, this legislation establishes a blockchain deployment plan to strengthen the US’s leadership position in this technology field. This plan aims to support the deployment and utilization of DLT, applications, tokens, and tokenization.

The passage of the “US Blockchain Deployment Act” marks an important step taken by the United States in promoting the application of blockchain technology.

This bill provides a clear legislative framework and promotes US competitiveness in this rapidly developing field. It is a key role player for the United States in the global blockchain ecosystem.

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