US Passes Bill Promoting Domestic Blockchain Usage

Reading Time: 2 minutes
  • A United States committee has passed a bill compelling the country’s commerce secretary to promote blockchain technology in the country
  • It hopes to use the bill to become a leader in blockchain usage and development
  • The bill seeks to introduce the best practices, policies and other factors to govern blockchain usage in the country

The United States House Committee on Energy and Commerce has passed a compelling the country’s commerce secretary to promote the use of blockchain technology in the country. It introduces best practices and policies to govern the technology’s usage in the hopes it’ll become a leader in blockchain development. Although the bill is yet to become law, it comes when other countries like China and the European Union have advanced in the field.

US Seeks to Redress China Dominance

Passed unanimously on December 5, the Deploying American Blockchains Act 2023 directs the commerce secretary to boost the country’s competitiveness when it comes to decentralized technologies like blockchain.

The bill suggests the creation of a committee whose membership will include entities from government agencies, stakeholders and experts in the blockchain space. It also suggests the use of blockchain technology by government agencies.

Individuals commenting on the bill congratulated the committee for the move, noting that it’s time the U.S. controls a section of the blockchain space that is majorly in the hands of China.

Has a Long Way Before Becoming Law

The bill now needs passing in the House, Senate, Congress and presidential approval before becoming law. 

Its passing comes a few weeks after U.S. lawmakers created a bill seeking to block government entities from interacting with Chinese blockchains. It also comes when other countries like Belgium and Japan are increasing their involvement with blockchain technology.

With the U.S. showing interest in blockchain technology, it’s to be seen whether it’ll overtake China in blockchain development.

 

Share