The decision came during an online debate on September 9. The digital meet-up was moderated by Chamber of Digital Commerce founder Perianne Boring.
However, there are still likely to be a lot more legal hoops to jump through.
An approval to continue with studying blockchain technology and how it can be best implemented into government and the e-commerce sector will have to clear the U.S. House of Representatives first, or return to the authors for amendments.
Known as the Digital Taxonomy Act, the piece of legislation would allow the Department of Commerce and Federal Trade Commission (FTC) to carry out a broad study on the state of blockchain technology.
District Darren Soto, who authored the act, said that it was a step in the right direction. He was backed by co-sponsors Rep. Brett Guthrie and Rep. Doris Matsui.
Soto has long been seen as the man shaping crypto policies in the U.S. Congress, a difficult task given the overall opposition or lack of information among lawmakers. He even commented on that himself:
“That’s our biggest obstacle. It’s not partisanship — it’s ignorance that we battle against. These reports familiarize everybody.”
However, not all is lost as even the Department of Agriculture has begun flirting with the idea of implementing blockchain solutions to expedite some processes. The congressman is already securing campaign donations in cryptocurrency as well.
Blockchain has become a huge part of the e-commerce and entertainment industry as well. In Las Vegas, casinos are even talking about cashless payment options involving blockchain as a precaution against the novel coronavirus.