The global digital technology integration race is on with leading states in Europe and Asia taking the first step in developing national blockchain strategies.
With the U.S. lagging behind, U.S. Representative for Kentucky’s 2nd congressional district, Brett Guthrie, presented a bill titled “Advancing Blockchain Act” to the Federal Trade Commission (FTC) to enhance the study of blockchain advantages across the economy and its uses across the states.
The “Advancing Blockchain Act”, presented to the House of Representatives by Rep. Brett Guthrie challenges the U.S. lawmakers to lay down the legal foundation for digital payments and blockchain technology adoption across the country.
The FTC is expected to complete the survey in about two years, with a further six months to give recommendations to the House Energy and Commerce Committee.
The issues highlighted in the bill include state-level adoption of blockchain technologies, legislative frameworks in the industry, development plans and risk-mitigation strategies on implementing blockchain, and overall business sector adoption across the country.
According to Guthrie, who introduced the bill on May, 20 with no co-sponsors, the quickened development of blockchain technology is key to enable the U.S. to compete with other countries such as China, which already announced its digital currency/electronic payment (DC/EP) program while taking major steps in integrating blockchain technology across the country. In a statement on why the American lawmakers should aim at implementing the law, Guthrie said:
“The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology. America is a nation of innovation and enterprise – and we need to keep it that way.”
The lawmakers seem to be taking keen notice of the crypto and blockchain field, with a total of 32 bills introduced so far in the U.S. 116th Parliament sitting.
There have been talks of a possible digital dollar to support the distribution of the $2.3 trillion dollar stimulus package. While this did not pass in the House, there remain calls on the U.S. government to try their luck in implementing it.