Use of Blockchain Technology in Commerce
US Congress Considers Proposal to Study Use of Blockchain Technology in Commerce
The US Congress is now considering a bill that seeks to direct the government to study the use of blockchain technology in commerce.
US Representative Darren Soto introduced the bill, H.R.8153, to the House on September 1st, which was subsequently forwarded to the Committee on Energy and Commerce on the same day. Congress.gov sheds light on what H.R.8153 aims to accomplish.
“To direct the Secretary of Commerce, in consultation with the Federal Trade Commission, to conduct a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes.”
No additional documents have been filed about the bill.
Soto, a Democrat from Florida, is the co-chair of the Congressional Blockchain Caucus. Earlier this year, he urged the Treasury Department to utilize blockchain and distributed ledger technology (DLT) in the nation’s efforts to buffer the economic effects of the coronavirus crisis.
Soto’s bill is also being co-sponsored by Reps. Brett Guthrie (R-KY) and Doris Matsui (D-CA).
In May, Guthrie introduced the Advancing Blockchain Act which called for a similar examination of blockchain technology by the Federal Trade Commission and the Secretary of Commerce.
The bill would have directed the FTC and other appropriate federal agencies to conduct a survey of industries that use and develop blockchain technology, and to use that survey to lay the tracks for a national strategy on blockchain.