Currently, the Consumer Safety Technology Act (HR 8128), which now incorporates the Digital Taxonomy Act and the Blockchain Innovation Act. It was approved on September 29. In the United States House of Representatives.
It should be noted that the Digital Taxonomy Law and the Blockchain Innovation Law were introduced by representative Darren Soto. Unquestionably, they were approved by voice vote. In the United States House of Representatives.
Until today, Darren Soto has expressed concern. Referring to the lack of understanding of the United States government about Blockchain technology. As a consequence, it may be preventing the country from building a competitive cryptocurrency sector.
Statute on Blockchain in the United States
The Technology for Consumer Safety Act (HR 8128). Specifically, it directs the Consumer Product Safety Commission. Let him explore applications for Artificial Intelligence (AI).
This Law on Blockchain will take measures to protect the public against fraudulent projects. While using Blockchain.
In this regard, Congressman Darren Soto said:
“As legislators. It is our duty to ensure that the United States continues to lead in Blockchain technology. ”
The Digital Taxonomy Act (HR 2154)
To clarify, this Law is implemented to prevent unfair or deceptive practices. Related to transactions involving digital tokens. Naturally, digital tokens include digital currency or cryptocurrency.
By the way, the Digital Taxonomy Act directs the Federal Trade Commission (FTC), a consumer protection agency, to train staff. Also, to allocate resources to identify and protect against deceptive acts or practices.
In addition, he orders the agency. Produce a report for the House of Representatives Committee on Energy and Commerce. As well as, for the Committee on Commerce, Science and Transportation, of the United States. Detailing your efforts to combat such deception. And describing the actions you have taken.
Without a doubt, Darren Soto indicated:
“The Law of Digital Taxonomy. Adds greater jurisdictional clarity. For a strong cryptocurrency market in the United States ”.
By the way, it was co-sponsored by Representative Brett Gutherie (R-KY). And the representative Doris Matsui (D-CA).
The Blockchain Innovation Act (HR 8153)
Generally, it will require the Federal Trade Commission to prepare a report. Mainly, about the role of Blockchain in consumer protection. Including its use to reduce fraud. And increase security.
To this end, it asks the Secretary of Commerce to determine the best practices to facilitate public-private partnerships in Blockchain technology. Also, the ways in which greater regulatory clarity will encourage national innovation.
It is also true that it was co-sponsored by Warren Davidson (OH-8).
Finally, this Law by Congressman Darren Soto. It seeks to expand the potential of the crypto ecosystem. As he leads the United States to a government enhanced by Blockchain technology.
I say goodbye with this phrase from Mahatma Gandhi: “We win justice more quickly. If we do justice to the opposite party”.