Representative Darren Soto, who introduced both the Digital Taxonomy Act and Blockchain Innovation Act, is now getting more known for both of the acts that have been approved by voice vote in the House of Representatives.
The acts were accumulated into the Consumer Safety Technology Act (H.R. 8128), a bill that directs the Consumer Product Safety Commission to explore applications for A.I. early this month. When passed, the account may take steps toward protecting the public in contrast to the suspicious projects, all the while using the blockchain to combat fraud.
On the other hand, the Digital Taxonomy Act directs the Federal Trade Commission, a consumer protection agency, to train up the staff and then allocate the resources that identify and guard in contrast to “deceptive acts or practices involving digital tokens.”
It is further mandated that the agency produce a report for the House Committee on Energy and Commerce. Also, its Senate counterpart, the Committee on Commerce, Science, and Transportation, have detailed their efforts to combat such deception and the actions that it has taken.
The act has also framed the digital token and blockchain as an essential thing for American innovation. It eventually asks the FTC for recommendations to ensure the U.S. remains competitive while limiting the abuse.
“As lawmakers, we must ensure the United States continues to lead in blockchain technology,” said Rep. Soto in a press release. “The Digital Taxonomy Act adds greater jurisdictional clarity for a strong digital asset market in the United States.”
The Blockchain Innovation Act has also stored into H.R. 8128, having a similar consumer protection approach. It has required the Secretary of Commerce to consult with the FTC and different agencies to report the benefits of using blockchain technology to battle fraud.
The secretary determined the “best practices in facilitating public-private partnerships in blockchain technology” and ways in which “greater [regulatory] clarity would encourage domestic innovation.”
“Blockchain technology has an incredible amount of potential for innovation and economic growth,” stated Soto. “I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud, and enable its appropriate use for government, business, and consumers.”
For a time, Blockchain and Cryptocurrency bills have had a tough time getting through Congress. The co-chair of the Congressional Blockchain Caucus, Darren Soto, has co-sponsored multiple bills that pertain to the digital assets. Last week, he co-sponsored the two accounts: Digital Commodity Exchange Act and the Securities Clarity Act.
Both the bills will have majority regulatory implications; however, the congressman indicated that he is good with little steps.
“The study mandated by the Blockchain Innovation Act is a starting point meant to give government agencies a chance to make recommendations before any bills pass with a regulatory effect,” he said. “These recommendations will perform an educational function to Members of Congress and will pave the way for more actionable blockchain-focused legislation.”
The H.R. 8128 will now pave its way to the Senate.
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