U.S. House Advances Pro-Blockchain Bill: A Major Step Forward

• US House Committee Unanimously Approves Blockchain Bill
• Crypto Bills Making Progress
• Lack of Senate Counterpart
• Non-Partisan Support and Future Prospects
• Seeking Public Input

US House Committee Unanimously Approves Blockchain Bill

The U.S House of Representatives has witnessed a triumph for another blockchain bill in a committee. The proposed legislation, requiring the U.S Secretary of Commerce to endorse blockchain technology, received unanimous approval from the panel. Though the Deploying American Blockchains Act is a relatively brief 13-page document and doesn't carry the weight of more significant industry bills, it represents a positive, albeit small, advancement in crypto-friendly congressional actions.

Crypto Bills Making Progress

The bill is now one of several crypto-related bills to proceed past committee votes and move toward the House floor for the first time. However, no such bills have yet been approved by the House in its entirety. The House Committee on Energy and Commerce voted 46-0 to progress the legislation. The bill aims to instruct the head of the Department of Commerce to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology.

Lack of Senate Counterpart

Notably, no corresponding bill currently exists in the U.S Senate, which tends to be the main shortcoming of most crypto legislation introduced this year. The Democrat-controlled Senate has shown no haste in endorsing any digital asset bills and is perceived unlikely to shift its stance. The most promising avenue for such bills may be through negotiations that integrate them with other initiatives into larger, mission-critical legislation.

Non-Partisan Support and Future Prospects

Ron Hammond, Director of Government Relations at the Blockchain Association, stated that as far as technology is concerned, the Energy and Commerce committee is 100% supportive, without any partisan bias. According to Hammond, most of these bills have either been consolidated into larger bills or have resulted in agency action at Commerce, which has been very receptive to dialogue.

Seeking Public Input

In related news, the Commerce Department has invited public feedback on the framework for US crypto competitiveness.

Edited by Jonathan Stoker