Blockchain Innovation Act

Bill: 116-hr-8153
Sponsor: full_name: Rep. Soto, Darren [D-FL-9]
Introduced: 2020-09-01
Policy area: Commerce
Subjects: Advanced technology and technological innovations

Computers and information technology

Congressional oversight

Currency

Digital media

Government information and archives

Government studies and investigations

Technology transfer and commercialization
Latest action: action_date: 2020-09-01
text: Referred to the House Committee on Energy and Commerce.

Summaries:
action_date: 2020-09-01
action_desc: Introduced in House
text: <p> <b>Blockchain Innovation Act</b><br> <br> 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. <p> <p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8153 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.

1. Short title This Act may be cited as the Blockchain Innovation Act . 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).