Two blockchain bills advanced through a House committee yesterday, moving them toward floor votes. The Committee on Energy and Commerce approved the Digital Taxonomy Act and the American COMPETE Act d
Two blockchain bills advanced through a House committee yesterday, moving them toward floor votes. The Committee on Energy and Commerce approved the Digital Taxonomy Act and the American COMPETE Act during an online session.
Rep. Darren Soto, a Florida Democrat known for championing crypto regulation, announced the passage. The Digital Taxonomy Act requires the Federal Trade Commission and Department of Commerce to conduct a comprehensive study on blockchain technology and report back to Congress. The American COMPETE Act directs the Commerce Department to report on progress in other emerging fields, including quantum computing and artificial intelligence.
Soto characterized the votes as "a first step" in the right direction. "We definitely want to get into more substantive legislation," he said. "But for right now the appropriations and getting the first reports done by the Department of Commerce, the FTC, the DoD, and others are going to acclimate Congress because a lot of folks don't understand the technology."
The congressman representing Florida's 9th District has voiced concerns about Congress's resistance to emerging technologies. He contends that this gap has hampered growth in the U.S. cryptocurrency sector.
"That's our biggest obstacle," Soto said. "It's not partisanship — it's ignorance that we battle against. These reports familiarize everybody."
Having acknowledged the sector's recent advances, Soto set his sights further. "We have long-term goals working with the digital chamber to get a cryptocurrency centre of excellence in the Department of Commerce to really help work on the various different ways blockchain can be utilized," he said.
