Title: Blockchain Innovation Act
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.



[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8153 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8153

 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 the blockchain technology and use in consumer protection, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 1, 2020

  Mr. Soto (for himself, Mr. Guthrie, and Ms. Matsui) introduced the 
   following bill; which was referred to the Committee on Energy and 
                                Commerce

_______________________________________________________________________

                                 A BILL


 
 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 the blockchain technology and 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,

SEC. 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 in 
        consultation with any other appropriate 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, 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 producing the study required in 
        subsection (a)(2), the Secretary shall provide opportunity for 
        public comment and advice relevant to the production of the 
        study.
    (b) Report to Congress.--Not later than 6 months after the 
completion of the study required pursuant to subsection (a), 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 the study conducted under subsection (a).
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