Bitcoin
$62,730.67-0.84%
Ethereum
$3,055.85-0.17%
Binance Coin
$535.37-3.28%
Solana
$133.35-2.07%
XRP
$0.49371425+0.38%
Dogecoin
$0.15327718+0.33%
Toncoin
$6.15-7.98%
Cardano
$0.45371698+0.91%
Shiba Inu
$0.00002221+3.57%
Avalanche
$34.07-2.82%
Tron
$0.11062162-0.25%
Bitcoin Cash
$483.47-3.91%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
04
DAYS
01
HR
38
MIN
37
SEC
Policy

Blockchain Proposals Move to US House in Consumer Tech Bill

The Consumer Safety Technology Act will now be debated in the House of Representatives.

By Paddy Baker
AccessTimeIconSep 10, 2020 at 1:34 p.m. UTC
Updated Sep 14, 2021 at 9:54 a.m. UTC
U.S. Capitol building

U.S. Capitol building

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Two blockchain proposals have been added to a wider piece of legislation on consumer protection after being passed by a U.S. congressional committee Wednesday.

  • The House Committee on Energy and Commerce passed a motion Wednesday to incorporate the Blockchain Innovation Act and part of the Digital Taxonomy Act into a broader Consumer Safety Technology Act.
  • This adds blockchain technology onto a list of emerging technologies, such as artificial intelligence (AI), that the Department of Commerce (DoC) and Federal Trade Commission (FTC) will be mandated to closely examine so as to identify any potential consumer risks.
  • The FTC would be required to file a report with recommendations to Congress on how best to address deceptive practices relating to digital tokens.
  • It would also call for a government study to be conducted to determine how technologies, such as blockchain, can combat fraud and other unfair or deceptive practices.
  • A statement from Representative Darren Soto (D-Fla.), the bills' sponsor, said the ultimate aim was to establish a Blockchain Center for Excellence within the DoC.
  • "I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers," Soto said.
  • This is believed to the furthest that a bill on blockchain has ever come in the U.S. Congress.
  • The new bill reflects similar comments made by the government's antitrust chief last week, who said blockchain technology deserves to be protected by law as it could help stop the formation of market monopolies.
  • The Consumer Safety Technology Act will now be debated in the House of Representatives.

See also: How a Flurry of ‘Digital Dollar’ Proposals Made It to Congress

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.