US lawmakers are proposing new legislation that calls for the Federal Trade Commission (FTC) and the Secretary of Commerce to launch a survey that will investigate the uses and state of adoption of blockchain technology in the United States.
The bill, dubbed the “Advancing Blockchain Act”, was introduced by Congressman Brett Guthrie on Tuesday.
If the law is approved, the FTC and other appropriate federal agencies will conduct a survey of industries, as well as public and private entities that use and develop blockchain technology, laying the tracks for a national blockchain strategy. The study will also investigate the advantages and disadvantages of widespread adoption of the technology in the US, and determine the blockchain-related jurisdiction and roles of federal agencies.
Blockchain is the technology underpinning Bitcoin, but the draft of the legislation does not include any mention of cryptocurrency and other digital assets. The text suggests the bill is focused on the uses of blockchain and how the technology impacts interstate commerce.
The draft legislation also aims to get an overview of how the United States fares with other countries in terms of blockchain adoption and development amid advances made by China in the industry. President Xi Jinping announced China’s national blockchain strategy last year and made clear his attentions to leverage the technology’s abilities to settle transactions and streamline complex procedures across a wide variety of industries.
The bill is proposing an international survey that will establish a list detailing the blockchain strategies of at least 10 to 15 countries.
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