As the crypto community eagerly anticipates the United States House of Representatives vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, it has already seen the passing of another pro-crypto bill: the Deploying American Blockchains Act of 2023. The bill received approval by a margin of 334-79.
This bipartisan bill assigns the secretary of commerce, Gina Raimondo, the responsibility “to take actions necessary and appropriate to promote the competitiveness of the United States [in] blockchain technology or other distributed ledger technology.” The bill designates the secretary as the primary presidential advisor on blockchain and outlines various duties, including policy development, research, and technology promotion. Additionally, it mandates the creation of an advisory committee consisting of representatives from government, industry, academia, and culture. This committee will present an annual report to Congress.
Representatives Lisa Blunt Rochester and Larry Bucshon introduced the bill, despite their lack of prior involvement in blockchain or crypto-related matters. On December 5, the House Committee on Energy and Commerce unanimously approved the bill, gaining endorsements from the Chamber of Digital Commerce and the Blockchain Association.
Among the bill’s opponents were crypto skeptics Sean Casten, Bill Foster, and Brad Sherman, as well as Harriet Hageman, a lower House colleague of pro-crypto Senator Cynthia Lummis. Casten, along with Sherman, Foster, and others, sponsored the Blockchain Integrity Act, which aims to ban the use of crypto-mixing services for two years, allowing the Treasury Department to conduct an assessment of them. This bill is yet to be put to a vote.
The House passed the Deploying American Blockchains Act on May 15, along with two other bills related to blockchain technology: the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act. Now, all these bills will undergo consideration in the Senate.
Currently, there are approximately 50 bills in the U.S. Congress that impact cryptocurrencies and are in various stages of consideration.
The proposed crypto regulations in the United States are largely driven by lawmakers’ fear and uncertainty surrounding the industry.