Bipartisan encryption bill passes US House of Representatives again

The U.S. House of Representatives passed two cryptocurrency bills on Tuesday evening.

The Consumer Safety Technology Act, sponsored by Rep. Jerry McNerny, D-Calif., would require the Consumer Product Safety Commission to establish a pilot program to explore use cases for AI in business. Two blockchain bills, the Blockchain Innovation Act and a portion of the Digital Taxonomy Act, direct the Secretary of Commerce and the Federal Trade Commission to study and report on the use of blockchain technology and digital tokens.

The Consumer Safety Technology Act was passed in the previous Congress and passed the House in September 2020, but was never approved by the Senate and died at the end of the session.

By reintroducing the bill and sending it to the Senate again, McEnany and his co-sponsors, including longtime blockchain supporter Rep. Darren Soto, D-Fla., are giving the bill a second chance.

The Blockchain Act is one of a series of bills that would provide regulatory clarity for the ownership and management of digital assets. Many in the cryptocurrency space have increasingly called for regulation, claiming that the lack of a legal framework stifles innovation.

Previous attempts to provide regulatory clarity, including Rep. Warren Davidson’s (R-Ohio) Token Taxonomy Act, first introduced in 2018, have failed to gain any meaningful traction.

Proponents of blockchain regulation worry that the U.S. risks falling behind other countries, including China, due to a lack of government guidance.

“Emerging technologies such as artificial intelligence, blockchain technology and cryptocurrencies are playing an increasingly important role in our daily lives and will become an economic driver of the 21st century economy,” Sotto said in a speech on Tuesday. “It is critical that the United States continue to be a global leader in these emerging technologies to ensure that our democratic values continue to be at the forefront of this technological development.”

Sotto said the Consumer Safety Technology Act is the first step toward a long-term goal of the congressional caucus to establish a center of excellence at the Commerce Department.

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