U.S. House Committee Unanimously Approves Legislation Supporting Blockchain Technology
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U.S. House Committee Unanimously Approves Legislation Supporting Blockchain Technology

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4 months ago

In a significant step forward for crypto-friendly legislation, a bill directing the U.S. Secretary of Commerce to support blockchain technology.

U.S. House Committee Unanimously Approves Legislation Supporting Blockchain Technology
In a significant step forward for crypto-friendly legislation, a bill directing the U.S. Secretary of Commerce to support blockchain technology has received unanimous approval from a committee in the U.S. House of Representatives.

Although the Deploying American Blockchains Act is not one of the high-profile bills the industry eagerly awaits from Congress, it marks progress in congressional efforts toward crypto-friendly policies. This legislation joins a few other crypto bills that have successfully cleared committee votes, although none have secured full approval from the House.

During a work session to consider several bills, the House Committee on Energy and Commerce voted 46-0 in favor of the legislation. The bill aims to direct the Department of Commerce's chief to promote the competitiveness of the United States in relation to the deployment, use, application, and competitiveness of blockchain technology and other distributed ledger technology.

Notably, the bill does not yet have a counterpart in the U.S. Senate, which has been a common challenge for crypto-related legislation this year. The Democrat-controlled Senate has not rushed to embrace digital asset bills and is unlikely to change course. However, there may be an opportunity for negotiation to merge these bills with other efforts into more comprehensive legislation that must be passed.

Ron Hammond, the Blockchain Association's director of government relations, highlighted the unanimous support from the Energy and Commerce Committee, emphasizing its nonpartisan nature.

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