Blockchain, News & Updates

American COMPETE Act: Will be used against China in the Blockchain Race

The House of Representatives will vote for the first time on a bill that aims explicitly to ensure the United States remains competitive with China in the race for Blockchain and technological supremacy when it meets via webinar to discuss the American ‘COMPETE’ act.

The American Competitiveness of a More Productive Emerging Tech Economy Act (American COMPETE Act) was inaugurated just last week, Sept. 1. It has been presented in the House Energy and Commerce Committee markup hearing yesterday, Sep 9.

The bill has been swiftly put before the House of Representatives and was sponsored by Congressman Bobby Rush (D-IL) and Congresswoman Cathy McMorris Rodgers (R-WA) and 12 other Co-Sponsor. The bill asks for the Department of Commerce and Federal Trade Commission to research and promotes blockchain technology enforcement and development.

As the China-US tech cold war starts to heat-up, the United States COMPETE act bill expands to the study of all disruptive and emerging technologies, including the Internet of Things (IoT), Artificial Intelligence (AI) quantum computing.

The bill calls on the Commerce and Federal Trade Commission to make four critical proposals to Congress — how to expedite the development of Blockchain in the United States; to design a national strategy to elevate the US business sectors global position; guidance on ways to secure the marketplace and supply chain of Blockchain from foreign actors; and credentials on legislation that could promote faster adoption of the blockchain technology.

As reported by Forbes on Sep 8, McMorris Rodgers emphasized that it was critical to ‘Beat China’ through this strategy. They cannot compete with China at its own game of subsidizing its tech companies. She said:

“As we have seen in past global crises and in recent months, the Chinese Communist Party will do whatever it takes to get ahead by stealing, cheating, and subsidizing their State-Owned Enterprises. We cannot out subsidize China or beat them at their own game, nor should we.”

The Blockchain Race is On!

Last May 22nd, Lawmakers in the US have been coaxing the federal government to consider a national blockchain strategy for regulation and growth, citing China’s Blockchain Service Network as an example.

For all ideas, China is presently leading the world in blockchain study, framework, and regulation. Emphasis includes creating a national blockchain strategy (BSN), lead designs on digital currencies, and dedicating entire areas towards DLT research and development.

China’s state-backed Blockchain-based Service Network (BSN) has been rapidly advancing in 2020 and has now integrated with six public blockchains, including Tezos, NEO, Nervous, EOS, IRISnet, and Ethereum. By initiating the national blockchain platform to enable developers globally to experiment at a subsidized low cost, the United States could fall even further behind in the current tech cold war.

The United States COMPETE act strives to swiftly develop American status in the race for blockchain dominance.

Leave a Comment

Leave a Reply