A U.S. bill to boost computer chip manufacturing that’s heading to President Joe Biden’s desk will also establish a crypto advisory role inside his administration.
The bipartisan legislation, which cleared both chambers of Congress after a House vote on Thursday, will establish a new adviser on blockchain and cryptocurrency issues who will work in the Office of Science and Technology Policy.
“I am proud to foster the policy needed to ensure innovation continues to take shape in our government,” said Rep. Darren Soto (D-Fla.), a crypto supporter who is co-chair of the Congressional Blockchain Caucus, in a statement.
The bill, known as the Chips and Science Act, won a number of Republican supporters on an otherwise Democrat-heavy effort that will be counted as a significant political win for the party and President Biden.
The White House’s science office was directed in the president’s executive order on crypto to analyze the effects digital assets are having on climate change and return later this year with a report. The office requested public input on that report in March.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.