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US Lawmaker Proposes Legislative Groundwork for National Blockchain Strategy

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US Lawmaker Proposes Legislative Groundwork for National Blockchain Strategy


A U.S. lawmaker requires the federal government to start thinking about a national blockchain strategy. U.S. House Rep. Brett Guthrie (R-KY) proposed a bill designating on the Federal Trade Commission (FTC) to examine the prevalence of blockchain technologies over industry, government, and the globe. If passed, the bill, which had no cosponsors when applied to

A U.S.
lawmaker requires the federal government to start thinking about a national
blockchain strategy. U.S. House Rep. Brett Guthrie (R-KY) proposed a bill
designating on the Federal Trade Commission (FTC) to examine the prevalence of
blockchain technologies over industry, government, and the globe.

If passed,
the bill, which had no cosponsors when applied to the House Energy and Commerce
Committee, would provide the FTC two years to manage the survey and an
additional six months to inform Congress on what it learned.

Guthrie asks
for suggestions on state-level blockchain adoption,  blockchain development plans, business sector
blockchain adoption, risk mitigation strategies, legislative frameworks, and
how to consolidate potentially prohibitive federal statutes.

The
recommendation package would adequately describe a comprehensive blockchain
strategy for the United States. Some U.S. partners already have such a
framework, including Germany. (The recommended FTC survey would provide
lawmakers a rundown of at least ten countries’ blockchain strategies’ relative
to the U.S.).

But
Guthrie’s central concern seems to be the explicit leader of national
blockchain strategies, and an adversarial one at that: China. “We cannot let
China beat us,” he said in a press statement. In April, China launched the
Blockchain Services Network, and it is now transferring quickly forward with
testing of its central bank digital currency, the digital yuan. It has
aggressively courted state-sponsored blockchain use cases far beyond the
actions of the U.S.

Staying a
step forward of China has gotten only more significant in the age of COVID-19,
Guthrie stated. “The ongoing coronavirus pandemic has made it clear that we
need to maintain American leadership in technology,” he said in the statement.
“America is a nation of innovation and enterprise – and we need to keep it that
way.” The bill is part of an emerging tech legislative package by House
Republicans.



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