In anticipation of the United States House of Representatives vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, the crypto community celebrated the passing of another pro-crypto bill known as the Deploying American Blockchains Act of 2023. The bill, which received a majority vote of 334-79, aims to enhance the competitiveness of the United States in blockchain and other distributed ledger technologies.
The bipartisan bill designates Gina Raimondo, the secretary of commerce, as the primary advisor to the president on blockchain matters. The secretary is entrusted with various responsibilities, including policy development, research, and technology promotion. Additionally, the bill mandates the creation of an advisory committee comprised of representatives from government, industry, academia, and culture. This committee is tasked with presenting an annual report to Congress.
Representatives Lisa Blunt Rochester and Larry Bucshon introduced the bill, despite lacking prior experience in blockchain or crypto-related issues. However, it received unanimous approval from the House Committee on Energy and Commerce on December 5. The Chamber of Digital Commerce and the Blockchain Association have also endorsed the bill.
Notably, the bill faced opposition from crypto skeptics such as Sean Casten, Bill Foster, and Brad Sherman, as well as Harriet Hageman, a lower House colleague of pro-crypto Senator Cynthia Lummis. Casten, along with Sherman and Foster, sponsored the Blockchain Integrity Act, which aims to ban the use of crypto-mixing services for two years. However, this bill has yet to be voted on.
On May 15, the House passed the Deploying American Blockchains Act, along with two other bills related to blockchain and consumer safety technology. These bills will now proceed to the Senate for further consideration. Currently, there are approximately 50 bills related to cryptocurrency under consideration in the U.S. Congress.
The proposed regulations on crypto in the U.S. stem from lawmakers’ concerns and uncertainties surrounding the industry.