Three US legislators want the secretary of Commerce to study blockchain technology for consumer protection. All three of them have introduced a new bill to encourage the in-depth analysis of blockchain technology in commerce. These three legislators of the US House of Representatives include Rep. Darren Soto, Rep. Doris Matsui and Rep. Brett Guthrie. This bill has been presented to the House and referred to the Committee on Energy and Commerce. The bill is aiming to conduct a study and then submit a report on the state of blockchain technology and its uses.
Among These US Legislators, One Has Proposed Draft Legislation
Earlier, one of the US legislators had also proposed a draft legislation, Advancing Blockchain Act. This required the Secretary of Commerce and FTC to conduct a study on the impact of blockchain technology on the interstate commerce businesses. Along with this, there were a few other goals as well in this draft legislation. It has been noticed that in both these bills, there was not any mention of cryptocurrency or digital assets as the complete focus was on blockchain technology.
Rep. Soto Was a Co-Chairman for the Blockchain Caucus
Another US legislator, Rep. Soto has been associated with blockchain technology for quite some time. He also remained the co-chairman for the Blockchain Caucus. which is a governmental group focused on policies related to blockchain technology since very long. Along with this, he has been a sponsor and co-sponsor of Token Taxonomy and Digital Taxonomy Act. Both Rep. Matsui and Rep. Guthrie have also introduced a bill, back in 2019. This bill was meant to establish a working group related to blockchain technology. The bill was also taken up in a Senate bill which was authored by Senator Todd Young, which was sanctioned as the “Blockchain Promotion Act” of 2019.