U.S. wants to invest $200 billion in a new blockchain-based technology sector

Senior White House official Kurt Campbell said Tuesday that the legislation is a key part of Washington’s efforts to make itself more competitive.

U.S. wants to invest 0 billion in a new blockchain-based technology sector

By Amy Liu

On Tuesday night EST, the U.S. Senate passed the Endless Frontier Act, a bipartisan bill that aims to counter China’s recent technology efforts by creating a new technology sector with a primary focus on blockchain, the Financial Times reported.

The bill was sponsored by Senate Majority Leader Chuck Schumer, D-N.Y., and passed Tuesday night with 68 votes in favor and 32 against. The bill now goes to the House of Representatives, where California Democratic Rep. Ro Khanna has introduced a corresponding proposal.

The bill includes distributed ledger technology and cybersecurity as one of 10 “critical technology priority areas,” according to an amendment by Wyoming Republican Senator Cynthia Lummis. priority list.

Other provisions of the bill address semiconductor production, artificial intelligence, biotechnology, communications and energy efficiency, among other issues. “Blockchain” and “cryptocurrency” do not appear in the bill.

The bill aims to invest more than $200 billion in U.S. technology, science and research to counter China’s growing influence, according to the report.

The bill says the new technology and innovation sector will strengthen U.S. leadership in key technology areas, improve education in key focus areas and hopefully attract more students to those fields.

In addition to providing huge investments in technology, this bill includes a series of measures to restrict China. One is a ban on government agencies buying drones made by Chinese companies, including DJI, the world’s largest manufacturer of commercial drones. It would also prohibit federal employees from downloading the popular short-form video app TikTok onto government electronic devices.

Senior White House official Kurt Campbell said Tuesday that the legislation is a key part of Washington’s efforts to make itself more competitive as part of a broad strategy to deal with China.

“The bill demonstrates that the new barriers to competition that will define U.S. leadership will increasingly emerge in the technology sector, and we are determined to take steps to accelerate the pace,” he said.

While the bill passed easily in the Senate, the House is expected to have a major debate on how the two chambers will combine their respective legislation into one package.

This is a national security issue and if the U.S. does not respond, we will be left behind,” Lummis said. This bill will drive our research and development efforts in blockchain and financial innovation, which we desperately need.”

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