Blockchain bill passed by the House of Representatives and now heads to the U.S. Senate
30. September 2020
The Energy and Commerce Committee bills are arriving at the Senate after this afternoon’s votes.
The Consumer Safety Technology Act update, which now includes the Digital Taxonomy Act and the Blockchain Innovation Act, has passed the House and is now heading to the Senate starting Tuesday afternoon.
The Digital Taxonomy Act provides definitions for the terms “digital asset” and “digital unit” and would charge the Federal Trade Commission with preventing dishonest business practices in both. The Crypto Investor Innovation Act would require the FTC to prepare a report on the role of the blockchain in consumer protection.
Commenting on the news, the author of the two bills, Congressman Darren Soto (D-FL), said, “As legislators, it is our duty to ensure that the United States continues to lead in Blockchain technology.
Soto’s two bills left the Energy and Commerce Committee earlier this month. They left the House along with legislation from Representative Jerry McNerney (D-CA) requiring the use of artificial intelligence in consumer safety inspections.