Blockchain Innovation Act
Bill: H.R.3639 | Sponsor: Rep. Soto, Darren (D-FL)
Policy area: Commerce

Summary:
Blockchain Innovation Act  This bill requires the Department of Commerce to consult with the Federal Trade Commission and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.


To direct the Secretary of Commerce, in consultation with the Federal 
Trade Commission, to conduct a study and submit to Congress a report on 
the state of blockchain technology and its use in consumer protection, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Blockchain Innovation Act''.

SEC. 2. STUDY ON BLOCKCHAIN TECHNOLOGY AND ITS USE IN CONSUMER 
              PROTECTION.

    (a) In General.--
            (1) Study required.--Not later than one year after the date 
        of enactment of this Act, the Secretary of Commerce, in 
        consultation with the Federal Trade Commission and any other 
        Federal agency the Secretary determines appropriate, shall 
        conduct a study on current and potential use of blockchain 
        technology in commerce and the potential benefits of blockchain 
        technology for limiting fraud and other unfair and deceptive 
        acts and practices.
            (2) Requirements for study.--In conducting the study 
        required by paragraph (1), the Secretary shall examine--
                    (A) trends in the commercial use of and investment 
                in blockchain technology;
                    (B) best practices in facilitating public-private 
                partnerships in blockchain technology;
                    (C) potential benefits and risks of blockchain 
                technology for consumer protection;
                    (D) how blockchain technology can be used by 
                industry and consumers to reduce fraud and increase the 
                security of commercial transactions;
                    (E) areas in Federal regulation of blockchain 
                technology where greater clarity would encourage 
                domestic innovation; and
                    (F) any other relevant observations or 
                recommendations related to blockchain technology and 
                consumer protection.
            (3) Public comment.--In conducting the study required by 
        paragraph (1), the Secretary shall provide opportunity for 
        public comment and advice relevant to conducting the study.
    (b) Report to Congress.--Not later than 6 months after the 
completion of the study required by subsection (a)(1), the Secretary 
shall submit to the Committee on Energy and Commerce of the House of 
Representatives and the Committee on Commerce, Science, and 
Transportation of the Senate, and make publicly available on the 
website of the Department of Commerce, a report that contains the 
results of such study.
                                 <all>