In anticipation of the United States House of Representatives’ vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, the crypto community received news of the approval of another pro-crypto bill, the Deploying American Blockchains Act of 2023. The bill, which passed with a majority of 334-79, is a bipartisan effort aimed at promoting the competitiveness of the United States in blockchain technology and other distributed ledger technology.
Under this bill, the secretary of commerce, Gina Raimondo, will be designated as the principal presidential advisor on blockchain. The secretary will have various responsibilities, including policy development, research, and promotion of the technology. Additionally, the bill mandates the formation of an advisory committee consisting of representatives from the government, industry, academia, and culture. This committee will be tasked with presenting an annual report to Congress.
Representatives Lisa Blunt Rochester and Larry Bucshon introduced the bill, despite their lack of previous involvement in blockchain or crypto issues. The House Committee on Energy and Commerce unanimously approved the bill on December 5, and it received endorsements from the Chamber of Digital Commerce and Blockchain Association.
However, the bill did face opposition from crypto skeptics such as Sean Casten, Bill Foster, Brad Sherman, and Harriet Hageman, the lower House colleague of pro-crypto Senator Cynthia Lummis. Casten, along with Sherman, Foster, and others, sponsored the Blockchain Integrity Act, which proposes a two-year ban on the use of crypto-mixing services while the Treasury Department assesses them. This bill is still awaiting a vote.
On May 15, the House passed the Deploying American Blockchains Act of 2023, along with two other blockchain-related bills, the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act. These bills will now proceed to the Senate for consideration.
Currently, there are approximately 50 cryptocurrency-related bills at various stages of consideration in the U.S. Congress, reflecting lawmakers’ concerns and uncertainties driving proposed crypto regulations in the country.