Non-partisan law to research blockchain and cryptocurrency passed in the US House of Representatives

A bipartisan law requiring research into blockchain technology and digital tokens was passed by the House of Representatives on June 22nd.

The Consumer Safe Technology Act focuses on consumer protection and includes digital tokens and blockchain research. The bill was passed by the 117th National Assembly with 325 votes in favor and 103 against within a week of its introduction.

However, this is not the first time the bill has got to this point, and under the Trump administration, the bill was passed in the House of Representatives in September 2020. He then went to the Commerce Committee, Science, and Transportation before joining the Senate. .

Among other things, the bill calls for the Consumer Product Safety Commission to launch a pilot AI program to support consumer safety testing, such as identifying hazards for consumer products, using and tracking trends in injury-related consumer products.

It also called on the Secretary of Commerce and the Federal Trade Commission (FTC) to “research and report on the use of blockchain technology and digital tokens”.

California 9th District Democratic Representative Jerry McNerney endorsed the bill, which was endorsed by Democrat Darren Soto, along with Republicans Warren Davidson, Van Taylor, Michael Burgess, and Brett Guthrie.

The Consumer Safe Technology Act also contains two other bills related to cryptocurrencies. One is the Blockchain Innovation Act along with sections of the Digital Taxonomy Act that require FTC reporting of “unfair or misleading practices or practices in technical token transactions”. Congressman Soto first tabled the second bill in April 2019, but didn’t get a single vote at the time.

Both bills aim to prevent crypto-related scams from unscrupulous individuals and “corporations”.

Our #blockchain & # Cryptocurrency Invoice with @RepGuthrie & @WarrenDavidson just got the house as part of @RepMcNerney‘S #Consumer SafetyTechnologyLaw. The United States must stay at the forefront of new technology by promoting innovation and protecting consumers. pic.twitter.com/vhI3FuVJJG

– Representative Darren Soto (@RepDarrenSoto) June 22, 2021

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On the stock exchange, Soto emphasized the importance of consumer protection against volatility and crashes:

“With market volatility, the use of crypto for ransomware and recent attacks like Colonial Pipeline and tax evasion, it’s important that we keep track of things.”

The Blockchain Innovation Act requires an examination of investment trends in the cryptocurrency industry, the potential risks and benefits of blockchain technology for protecting consumers, and the areas where regulation can fuel domestic innovation.