US Congress embraced blockchain adoption
US Congress embraced blockchain adoption
Huan Zhang

Huan Zhang

I write about technology and fintech in particular, thanks to my experience in a wide range of roles including networking, system administration, software development, technical writing, IT strategy and policy advice.
Huan Zhang

The United States House of Representatives has given blockchain green light as it passed a non-binding resolution advocating implementation of a “national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

Why so much interest to blockchain and why now?

We have not seen many developments throughout the duration of federal regulation on the Blockchain technology. A non-profit enterprise called Coin Center turned to United States authorities imparting its anxiety caused by developing bill. The letters written on its behalf are accessible on its website.

The declaration presented in July coerced the United State authorities into adopting a renovated internal technology-related policy, specifically addressing cryptocurrencies and Blockchain technology.

The bill was presented by United States Congressman Adam Kinzinger of Illinois and is founded by Congressman Tony Cardenas of California.

The resolution was accepted by a verbal vote the previous week. The resolution is non-binding, meaning it can be perceived as a half- measure. However, it is still a considerable step forward from Congress for the talks on Blockchain and cryptocurrencies. The opening remarks on the bill claimed:

Related:  Investec's Mark Wynne-Jones moves to Wealth and Investments

“The House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

The resolution arose several months after the United States House Committee on Energy and Commerce held negotiations on the technology.

Congressman Michael Burgess of Texas, claimed at the hearing:

“There’s no doubt that Blockchain innovations are on the cutting edge today.”

What is to expect?

We will wait to see which turn the events will take for congress and whether or not they will strive for a more considerable bill development for digital currencies and the Blockchain technology. The next session will be held after United States elections in November.

The fact that the current resolution is non-binding implies that there is a chance of an updated bill being released by Congress in the time following.

Leave a Reply