In the United States House, the Senate head two blockchain bills

On Tuesday evening, in the House of Representatives the Consumer Security Technology Act was adopted. The blockhain and crypto-centric legislation of Representative Darren Soto (D-Fl) were two of its three titles while the third focused on AI regulation.

In the past, the Soto Proposals had been enacted in Parliament only in the middle of the political tide surrounding the last Congress and presidential elections. At least their passage at the beginning of the present Congress will give the Senate more time than it did last time to regard them.

The Blockchain Innovation Law requires a report on the usage by the Blockchain Trade Department and the Federal Trade Commission (FTC) and in particular on the fight against fraud. Soto hailed the measure last night as "an first step towards our long-term objective of creating a Blockchain Center of Excellence in the Commercial Department.

The Digital Taxonomy Act to be not confused with the Token Taxonomy Act of Warren Davidson  begins with the assertion that the 'usage of digital tokens and blockchain technology may expand in the future. It then requires the FTC to compile a report on unfair and disappointing crypto-market practices. 

Progress of the law is being made following high-profile ransomware attacks like the Colonital pipeline and JBS. Cryptocurrencies are being used illegal.

There remains to be seen the fate of these Senate proposals. Over the years, the House has drawn increasing numbers of crypto proponents, while the Senate has showed less interest in Blockchain regulation, which confronts less regular turnover, and has much fewer legislators. This may also change, but not in an industry-friendly way necessarily.

Tag :

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