A Blockchain Triumph: U.S. Congressional Committees Unanimously Approve Groundbreaking Legislation

The U.S. Congressional Committee on Energy and Commerce recently unanimously passed the Deploy America Blockchain Act of 2023, which is a major move to embrace blockchain technology. The bill was passed by a majority of 46 to 0 and is part of a comprehensive bill. The meeting discussed 44 pieces of legislation.

Secretary of Commerce Formulates Implementation GuidelinesSouth**

The primary goal of this legislation is to empower the Secretary of Commerce to take necessary and appropriate actions to enhance U.S. competitiveness in emerging technologies.

Under the Act, the Minister assumes the key role of Chief Adviser to the President, providing policy guidance on all aspects related to applications, tokens, and tokenization.

The U.S. Blockchain Deployment Act of 2023 contains several key provisions designed to promote the adoption and competitiveness of blockchain technology in the United States.

One of the important provisions involves the establishment of “best practices” under the guidance of the Secretary of Commerce. This requires the development and implementation of guidelines to assist various sectors, including the private sector, the public sector, and public-private partnerships, to effectively deploy distributed ledger technology (DLT) to enhance their capabilities and related applications.

Another important aspect of this legislation is the responsibility of the Secretary of Commerce to make 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 the Blockchain Ecosystem

The main goal of these policies is to address the risks and challenges associated with DLTs and their applications, ensuring that the environment in which they are used is “robust and safe”. The legislation places a strong emphasis on supporting the stability, maintenance, improvement, and security of blockchain technologies, applications, tokens, and tokenization.

By promoting and enhancing the stability of the ecosystem, the legislation aims to strengthen U.S. leadership in leveraging blockchain technology to drive innovation and economic growth.

This legislation facilitates coordination among federal agencies to facilitate seamless adoption and implementation. By encouraging collaboration and information sharing, federal agencies can effectively deploy DLTs and related applications.

Notably, the legislation also thoroughly examines how federal agencies can benefit from leveraging blockchain technology and identifies potential security measures to protect critical infrastructure.

New Blockchain Deployment Program

Ultimately, the legislation establishes a blockchain deployment plan to strengthen U.S. leadership in the technology. The program is designed to support the deployment and utilization of DLTs, applications, tokens, and tokenization.

The passage of the Deploying Blockchain in America Act marks a major step forward in promoting the adoption of blockchain technology in the United States.

By providing a clear legislative framework and boosting the country’s competitiveness in this rapidly evolving sector, the bill is key to positioning the United States as a key player in the global blockchain ecosystem.