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New Congressional Bill Urges A National Blockchain Strategy For The U.S.

June 29, 2020

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New Congressional Bill Urges A National Blockchain Strategy For The U.S.

A U.S. House Republican urged the federal government to start paying excessive attention to distributed ledger technology and consider developing a national blockchain strategy. 

More specifically, Brett Guthrie submitted a bill with the Federal Trade Commission (FTC), calling upon monitoring blockchain developments across the globe in a given period of two years, while six additional months will be reserved to advise Congress on where FTC’s investigation had concluded.  

Gurthie suggested that some keywords subject to surveillance can include new blockchain developments, business plans mentioning some sort of a DLT, legislative acts referring to the technology, as well as governmental usage of blockchain technology, and its popularity among private industries and retail. 

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Overall, the U.S. might be aware of Bitcoin and blockchain as terms, but it is one of the least progressive counties when it comes to state-level comprehension and adoption. In some cases like Florida, regulations subjecting blockchain technology are entirely ripped-off other U.S. states’ laws such as California.

Gurhrie also underscores the fact some U.S. allies including Germany already have analogous frameworks, while the bill also mentions the FTC should come up with at least 10 countries’ blockchain strategies that should be considered by the United States.

His urgency is justified considering the country’s relationship with the technology in question. What’s missing from the table is a comprehensive blockchain strategy for the United States.

Of course, we couldn’t skip noticing that deep down Guthrie is actually more concerned about letting China curve the way into the future of the DLT field.

“The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology,”“America is a nation of innovation and enterprise – and we need to keep it that way.”. .. “We cannot let China beat us”Brett Guthrie said in a statement, according to CoinDesk.

Other countries already familiar with the matter and steps ahead the U.S. include but are not limited to China, Australia, Russia, France, Switzerland, Japan, S. Korea and more, with China being ahead of the competition by miles, hence the U.S. should really pay attention to Mr. Guthier if it wants to have a small chance if any, as to influencing the blockchain field. 

China has been working on its own national blockchain strategy for quite some time now, with its anticipated central bank digital currency (CBDC) being in development for over 6 years already, making it undeniably a state-level leader in the sphere. 

CoinDesk managed to get its hands on a draft version of the bill you can find in the link. 

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