In a recent session, a lesser-known but promising crypto bill made headway in the U.S. House of Representatives, receiving unanimous support from the House Committee on Energy and Commerce.
The legislation, titled the Deploying American Blockchains Act, garnered a 46-0 vote, signaling a small yet significant stride in fostering a crypto-friendly legislative environment.
Although this 13-page bill may not be among the high-profile proposals eagerly anticipated by the crypto industry, its approval adds to the growing roster of crypto-related bills making progress through committee votes within the House.
The Deploying American Blockchains Act specifically targets the U.S. Secretary of Commerce, aiming to direct efforts toward supporting blockchain technology. Its core mandate revolves around promoting the competitiveness of the United States concerning the deployment, application, and overall competitiveness of blockchain technology and distributed ledger technology.
While this development marks a positive step forward, the bill currently lacks a counterpart in the U.S. Senate, presenting a significant hurdle, as seen in the broader scope of this year’s crypto-related legislation.
The prevailing sentiment suggests a lack of enthusiasm within the Democrat-controlled chamber for embracing digital asset bills, dampening the immediate prospects of these bills advancing through the Senate.
Ron Hammond, the Blockchain Association’s director of government relations, noted, “At least on the tech side of things, Energy and Commerce is unanimously in support, and there’s nothing partisan about it.”
Hammond emphasized that these bills have either been incorporated into more comprehensive legislative packages or spurred discussions leading to agency action within the Department of Commerce, which has shown receptiveness to dialogue on these matters.
However, the path for these crypto bills might converge through negotiations, potentially merging them with other legislative initiatives into larger, must-pass bills.
This strategy remains one of the promising avenues for advancing these measures beyond committee approval, navigating the intricacies of bipartisan dynamics within the Congress.