Congressman pushes blockchain bill that seeks to provide more regulatory clarity

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U.S. Congressman Brett Guthrie (R-KY) introduced a set of bills with a focus on the use of blockchain in the American economy and artificial intelligence (AI) to combat nefarious online activity.

The Advancing Blockchain Act is one of several bills related to emerging technology introduced through the Energy and Commerce Committee and Consumer Protection and Commerce subcommittee. The Republican committee said it hopes to create policies fostering innovation, securing supply chains and consumer protections "that ensure America beats China."

Like many bills on the floor related to blockchain, the Advancing Blockchain Act is primarily a study bill. It tasks the Federal Trade Commission and Secretary of Commerce with creating a survey to examine how blockchain is currently being used in the U.S. and explore other use cases.

The measure also seeks to codify the jurisdiction of federal agencies. In that case, the bill could provide more regulatory clarity down the line by delineating which office oversees which aspects of use.

Still, the bill makes no mention of the use of blockchain for cryptocurrencies and digitizing assets. 

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Aug 11, 2021, 5:18PM UTC
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