Blockchain Innovation Act passed by US House of Representatives

Pro-blockchain congressman’s legislation approved as part of the Consumer Safety Technology Act

Congress                                 

Tuesday marked a successful day for Darren Soto, as both pieces of legislation introduced by the crypto-friendly congressman won approval in the House of Representatives.

The Blockchain Innovation Act and Digital Taxonomy Act were included as part of the Consumer Safety Technology Act (H.R.8128). The wider bill will direct the Consumer Product Safety Commission to study the possible use of artificial intelligence (AI).

If fully approved by Congress, then the measures would further the use of blockchain technology by government institutions and regulators in the battle against fraudulent activity.

The Blockchain Innovation Act will mandate that the Secretary of Commerce produces a study, in consultation with a number of other agencies, to determine the “best practices in facilitating public-private partnerships in blockchain technology” and to its utility in fighting fraud.

The Digital Taxonomy Act will encourage the Federal Trade Commission to increase its awareness of, and ability to detect, “deceptive acts or practices involving digital tokens”.

The Consumer Product Safety Commission will also be tasked with developing its own suggestions for maintaining the United States’ ability to compete in the burgeoning sector, while safeguarding citizens.

Darren Soto hailed the initial success of his legislation, stating: “Blockchain technology has an incredible amount of potential for innovation and economic growth. 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.”

The long-time champion of blockchain technology stressed the duty of lawmakers to “ensure the United States continues to lead in blockchain technology” and outlined his hopes that the study required by the Blockchain Innovation Act will “perform an educational function to Members of Congress”.

The co-chair of the Congressional Blockchain Caucus and Democratic politician representing Florida’s 9th congressional district, Soto recently announced that he would be accepting cryptocurrency donations for his re-election campaign.

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