Title: Expressing support for digital currencies and blockchain technology.
Policy area: Finance and Financial Sector

Summary:
Expresses the sense of the House of Representatives that the United States should prioritize accelerating the development of blockchain technology to support transparency, security, and authentication in a way that recognizes its benefits and allows consumer protection while supporting future innovation.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1102 Introduced in House (IH)]

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115th CONGRESS
  2d Session
H. RES. 1102

  Expressing support for digital currencies and blockchain technology.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2018

 Mr. Emmer (for himself, Mr. Soto, Mr. Schweikert, Mr. Polis, and Mr. 
McHenry) submitted the following resolution; which was referred to the 
 Committee on Energy and Commerce, and in addition to the Committee on 
 Financial Services, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                               RESOLUTION


 
  Expressing support for digital currencies and blockchain technology.

Whereas the emergence of blockchain networks in many ways parallels the 
        emergence of the internet at the end of the 20th century;
Whereas the internet flourished in part due to a light-touch regulatory approach 
        embodied by the United States Government's five principles for the 
        Global Information Infrastructure;
Whereas blockchain networks, exemplified by digital currencies, can today 
        facilitate critical services such as value transfer directly between 
        users;
Whereas the global proliferation of smart mobile devices may, when combined with 
        blockchain networks, provide banking and financial services to those who 
        are underserved by the existing financial sector;
Whereas blockchain networks may prove useful for establishing trustworthy 
        decentralized computing services that go beyond value transfer, 
        including identity, security for the Internet of Things, rights 
        management for digital content, efficiencies in insurance, energy, 
        health care, and instant execution, monitoring, and enforcement of 
        contractual terms;
Whereas the ability to record transactions on a blockchain offers new approaches 
        for the United States Government to improve transparency, prevent fraud, 
        enhance citizen services, and establish trust;
Whereas blockchain technology promotes transparency, efficiency, and certainty 
        across many business processes, which increases access to capital, 
        encourages innovation, promotes job creation, and stimulates economic 
        growth;
Whereas foreign governments are exploring the use of blockchain technology to 
        enable government agencies to experiment, build, and deploy digital 
        services for citizens based on blockchain technology;
Whereas digital currency companies are still finding homes outside of the United 
        States, and other countries are devising policies and strategies to 
        embrace these new technologies;
Whereas blockchain technology facilitates new types of network participation, 
        including fundraising, access, and use through digital token 
        distributions, which American businesses can use in many innovative 
        ways;
Whereas digital currencies and tokens are not homogeneous, but instead may 
        function as a representation of many different physical or intangible 
        things, including securities, digital assets, data points, currencies, 
        licenses, records, and many other items; and
Whereas United States financial regulators, the General Services Administration 
        (GSA), and other agencies have collaborated to explore potential use 
        cases to adopt these new technologies to make government more efficient 
        and effective: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives 
that--
            (1) the United States should prioritize accelerating the 
        development of blockchain technology to support transparency, 
        security, and authentication in a way that recognizes its 
        benefits and allows consumer protection while supporting future 
        innovation;
            (2) the United States Government should create an 
        environment that enables the American private sector to lead on 
        blockchain innovation and further the growth and success of 
        blockchain networks and digital currencies;
            (3) United States Federal agencies should work toward a 
        coordinated framework to support digital currencies and 
        blockchain technology;
            (4) the United States should avoid undue restrictions on 
        blockchain networks and the trustworthy decentralized computing 
        services they facilitate;
            (5) the United States Government has a responsibility to 
        prevent and condemn illicit use of digital currencies and 
        blockchain technology, and its aim should be to support and 
        enforce a predictable, light touch, consistent, and simple 
        legal environment for services facilitated by blockchain 
        networks; and
            (6) the United States recognizes the potential benefits and 
        broad use of digital currencies and blockchain technology to 
        enhance public services, and enable more business growth, 
        capital formation, and capital investment.
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