US lawmakers are proposing new legislation calling on the Federal Trade Commission (FTC) and the Secretary of Commerce to launch an investigation that will examine the use and state of the art of blockchain technology in the United States.
The bill, called the “Advancing Blockchain Act”, was tabled Tuesday by Congressman Brett Guthrie.
If the law is passed, the FTC and other relevant federal agencies will investigate industries, as well as public and private entities using and developing blockchain technology, and make the mark for a national blockchain strategy. The study will also examine the pros and cons of widespread adoption of the technology in the U.S. and determine the blockchain-related jurisdiction and roles of federal agencies.
Blockchain is the technology that supports Bitcoin, but the bill does not mention cryptocurrency and other digital assets. The text suggests the bill focuses on the use of blockchain and how technology affects interstate commerce.
The draft legislation also aims to provide an overview of how the United States is performing with other countries in blockchain adoption and development amid the advances China has made in the industry. President Xi Jinping announced China’s national blockchain strategy last year and made it clear that he is taking advantage of the technology’s capabilities to settle transactions and streamline complex procedures across a wide variety of industries.
The bill proposes an international study that will compile a list of the blockchain strategies of at least 10 to 15 countries.
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