In a significant move towards embracing blockchain technology, the United States Congress Committee on Energy and Commerce recently achieved a milestone by unanimously passing the Deploying American Blockchains Act of 2023. The bill voted in favor with a 46-0 majority, was part of a comprehensive session tackling 44 pieces of legislation.
Secretary Of Commerce Develops Guidelines For Implementation The primary objective of the legislation is to empower the Secretary of Commerce to take essential and appropriate actions that promote the United States’ competitiveness in the realm of the nascent technology.
Under the bill, the Secretary assumes the crucial role of the principal advisor to the President, providing policy guidance on various aspects related to applications, tokens, and tokenization.
The Deploying American Blockchains Act of 2023 encompasses several key provisions to advance the adoption and competitiveness of blockchain technology within the United States.
One significant provision involves establishing “best practices” under the guidance of the Secretary of Commerce. This entails developing and implementing guidelines to assist various sectors, including the private sector, public sector, and public-private partnerships, in effectively deploying Distributed Ledger Technologies (DLT) that enhance its capabilities and associated applications.
Another crucial aspect of the legislation is the responsibility vested in the Secretary of Commerce to formulate policies and recommendations. These policies cover many important issues, such as decentralized identity, cybersecurity, key storage, artificial intelligence, fraud reduction, regulatory compliance, e-commerce, healthcare applications, and supply chain resiliency.
Stability And Security Of Blockchain Ecosystem The primary objective of these policies is to address risks and challenges related to DLT and its applications, ensuring a “robust and secure” environment for their utilization. The legislation strongly emphasizes supporting the stability, maintenance, improvement, and security of blockchain technology, applications, tokens, and tokenization.
By promoting and enhancing the stability of the ecosystem, the legislation aims to strengthen the United States leadership position in leveraging blockchain technology to drive innovation and economic growth.
The legislation promotes coordination among federal agencies to facilitate seamless adoption and implementation. By encouraging collaboration and information sharing, federal agencies can effectively deploy DLT and associated applications.
Notably, the legislation also thoroughly examines how federal agencies can benefit from utilizing blockchain technology and identifies potential security measures to protect critical infrastructure.
New Blockchain Deployment Program Ultimately, the legislation establishes a Blockchain Deployment Program to reinforce American leadership in the technology. The program aims to support the deployment and utilization of DLT, applications, tokens, and tokenization.
The passing of the Deploying American Blockchains Act represents a significant stride in fostering blockchain technology adoption within the United States.
By providing a clear legislative framework and promoting the country’s competitiveness in this rapidly evolving field, the Act is key to positioning the United States as a key player in the global blockchain ecosystem.
The total crypto market cap’s consolidation is above the $1.5 trillion mark on the daily chart. Source: TOTAL on TradingView.com Featured image from Shutterstock, chart from TradingView.com