The US Congress Committee Passes the ‘Pro-Crypto Bill’

The ‘Pro-Crypto Bill’ has been passed by the US Congress Committee, which is one among several bills before Congress that seeks to encourage the implementation and adoption of blockchain technology in the country.

Pro-Crypto Bill to Preserve US Leadership in Blockchain

The United States Congress Committee unanimously passed the pro-crypto bill on 5th December. The bill involves the commerce secretary of the United States to promote blockchain deployment. Thereafter, potentially boost the use of blockchain technology in the country. 

The House Committee conducted a vote on Energy and Commerce with 46-0 to pass the H.R. 6572. After that, deploying the ‘American Blockchain Act of 2023’. This session aims to clear 44 pieces of legislation. 

The blockchain bill consists of thirteen pages and aims to direct the Secretary of Commerce, Gina Raimondo to take necessary steps to promote the use, deployment, and application of blockchain technology, or other DLTs in the market. 

US Will Be One-Step Ahead With the New Pro-Crypto Bill

Cody Carbone, the policy head for the blockchain advocacy group of the digital chamber of commerce, tweeted on X (formerly Twitter). He says that the pro-crypto bill will help to preserve the leadership of the US in blockchain development, which is crucial. 

The CEO of the Blockchain Association is Kristin Smith. Before the passing of the bill, she stated that the bill would rightfully take the country a step further to its developing phase in blockchain technology. 

There is a wide range of actions that the secretary of commerce must take after the bill passes. These include best practices, recommendations, policies, and more for the public and private industries using blockchain technology. 

A New Blockchain Development Program

The development of a “Blockchain Development Program” is to support the application of the technology. It would also help to create an advisory committee of the government, to support the adoption of blockchain technology. These will include blockchain industry stakeholders, federal agency representatives, and other members. 

The bill also aims to enhance the coordination of federal agencies that intend to utilize blockchain technology. Moreover, promotes the United States’ leadership in the field. In addition, it requires studies on the current usage of blockchain by federal agencies. Thereafter, their readiness to embrace the technology.

The pro-crypto bill is just one of the many blockchain bills that proposed in Congress since 2022. Unfortunately, due to the lack of a speaker in the House of Representatives, the progress of these bills has been hamstrung in 2023.

Also Read- PayBitoPro Provides its White-Label Crypto Broker Solution to a UK-based Firm

A Positive Development for the Blockchain Industry in the US

The passing of the pro-crypto bill is a positive development for the blockchain industry in the US. However, it may not have the same level of impact as other bills. Such as the Financial Innovation and Technology for the 21st Century Act. This particular act is expected to address the labeling of cryptocurrencies as commodities or securities and clarify regulator jurisdictions, which could have a significant impact on the industry. 

The bill will now go to the House for a vote and require approval from the Senate before returning for final congressional and presidential approval. It will be fascinating to see how this bill progresses and its impact on the US blockchain industry.