Blockchain Innovation Act

Bill: 117-hr-3639
Sponsor: full_name: Rep. Soto, Darren [D-FL-9]
Introduced: 2021-05-28
Policy area: Commerce
Subjects: Advanced technology and technological innovations

Computers and information technology

Congressional oversight

Consumer affairs

Currency

Digital media

Fraud offenses and financial crimes

Government studies and investigations

Internet and video services

Internet, web applications, social media
Latest action: action_date: 2021-05-31
text: Referred to the Subcommittee on Consumer Protection and Commerce.

Summaries:
action_date: 2021-05-28
action_desc: Introduced in House
text: <p> <strong>Blockchain Innovation Act</strong><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>

tv_txt: I 117th CONGRESS 1st Session H. R. 3639 IN THE HOUSE OF REPRESENTATIVES May 28, 2021 Mr. Soto (for himself and Mr. Guthrie ) 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 blockchain technology and its 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 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.