Congressman pushes blockchain bill that seeks to provide more regulatory clarity


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. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC