Two Cryptocurrency-Related Bills Pass in U.S. House, Head to Senate

The fate of these bills in the Senate remains to be seen.

The Consumer Safety Technology Act (CSTA) passed the U.S. House of Representatives on Tuesday night EST.

The bill is divided into three topics, two of which are blockchain and cryptocurrency-focused bills introduced by Rep. Darren Soto (D-Fl), The Blockchain Innovation Act and The Digital Taxonomy Act, respectively, and the third focuses on regulating artificial intelligence.

Two Cryptocurrency-Related Bills Pass in U.S. House, Head to Senate

Soto’s bill previously passed the House, but was shelved in the political maelstrom of congressional turnover and presidential elections earlier in the year. It passed the House again this time, giving the Senate at least a little more time to consider it.

The Blockchain Innovation Act would require the Department of Commerce and the Federal Trade Commission (FTC) to put together a report on the use of blockchain in trade, particularly in the fight against fraud. On the House floor last night, Soto described the bill as “a first step toward our long-term goal of establishing a blockchain center of excellence at the Department of Commerce.”

Two Cryptocurrency-Related Bills Pass in U.S. House, Head to Senate

The Digital Taxonomy makes the proposition that “the use of digital tokens and blockchain technology is likely to increase in the future.” It says it is important for the U.S. to remain a leader in innovation and requires the FTC to prepare a report on unfair and fraudulent practices in the crypto market.

Two Cryptocurrency-Related Bills Pass in U.S. House, Head to Senate

In the wake of high-profile ransomware attacks such as Colonial Pipeline and JBS, the illegal use of cryptocurrencies has raised significant concerns and related legislation has progressed.

The fate of these bills in the Senate remains to be seen. The House has attracted a growing number of cryptocurrency advocates over the years, but interest in blockchain regulation in the Senate, which has a low turnover and far fewer lawmakers, has fallen flat.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/two-cryptocurrency-related-bills-pass-in-u-s-house-head-to-senate/
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