The United States House of Representatives has approved the Financial Innovation and Technology for the 21st Century (FIT21) Act Deploying American Blockchains Act of 2023 with 334 votes in favor and 79 against it.
This bipartisan bill jointly proposed by Representatives Lisa Blunt Rochester and Larry Bucshon is targeted at improving the United States’ competitiveness in blockchain technology.
The bill mandates Commerce Secretary Gina Raimondo to encourage blockchain technology use, consult with the President on blockchain policy, and establish an advisory board for annual reports to Congress.
The bill was unanimously passed by the House Committee on Energy and Commerce on December 5, and approved by the Chamber of Digital Commerce and the Blockchain Association.
However, the bill had opposition from crypto naysayers like Sean Casten, Bill Foster, and Brad Sherman. They were the ones that sponsored the Blockchain Integrity Act which is a bill that seeks to prohibit crypto mixing services for two years. This bill was not passed through a vote.
On 15 May the House passed the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act, sending the bills to the Senate along with about 50 other crypto-related bills.
The approval of the Deploying American Blockchains Act is a major leap for the United States in terms of strengthening its position in blockchain technology, encouraging innovation, and competitiveness.
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