Two Cryptocurrency Law Drafts Passed in the US

Two Cryptocurrency Law Drafts Passed in the US

The US House of Representatives passed two law drafts on cryptocurrencies and blockchain technology and moved them to the Senate for enactment. This time, the assembly members will do a serious study for the previously transferred proposals to the Senate but were not submitted to the vote and fell out of time.
Two cryptocurrency law drafts in the US House of Representatives were voted on Tuesday evening. The first was the Consumer Safety Technology Act, introduced by councilman Jerry McNerny. This law recommended that the Consumer Product Safety Commission implement a pilot program investigating the use of artificial intelligence in business activities.

The second law draft included two blockchain bills together, the Blockchain Innovation Law and the Digital Classification Law. Here, both the trade minister and the Federal Trade Commission were tasked with reviewing and reporting blockchain technology and digital tokens.

Fallen from the statute of limitations, brought to Senate a second time
The Consumer Safety Technology Act was passed by Congress in September 2020 and passed by the House of Representatives but was never approved in the Senate. Later, the draft was dropped due to the statute of limitations. Jerry McNerny and some members who support this law will try to get it approved this time by bringing the law back to the Senate.

Regulation demands are increasing day by day.

On the other hand, Blockchain law drafts are just two of many attempts to clarify regulations on digital asset ownership and management. There is a serious demand for regulations, especially from the cryptocurrency universe. The idea that the absence of a legal structure hinders innovation and development is expressed more and more, and regulation is demanded.

Fear of lagging behind China grows.

One of the laws introduced for transparency in regulations was moved to the Senate in 2018 but still did not attract attention. Among them was the Digital Classification Act, which is now again brought to the Senate. However, as time passed, the conditions changed, and with the crypto money universe, the demands for regulation by traditional finance began to increase seriously. The lack of regulation in blockchain technology causes the members of this sector to fear that the USA will lag behind many countries, especially China.

Darren Soto, a member of the House of Representatives, who worked with McNerny to pass blockchain technology laws, stated that such technological innovations will now drive the economy and used the following statements:

“Artificial intelligence, blockchain technology, and cryptocurrencies are now having a huge impact on our daily lifestyle and will be the dynamics that will drive the economy in the 21st century. It is critical that the United States continues to be the global leader in emerging technologies.”

Soto also said that the Consumer Safety Technology Act is the first step towards the Congressional Blockchain Group’s goal of creating a Blockchain Center in the Commerce Department.

SEE ALSO: Banks in South Korea Do Not Want to Take the Risk of Cryptocurrencies

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