The updated Consumer Safety Technology Act, which now includes an emphasis on blockchain technology with the Digital Taxonomy Act and the Blockchain Innovation Act, has passed through the House of Representatives and is now headed for the next legal challenge it faces in the Senate.
As per the Digital Taxonomy Act, there will now be definitions such as “digital asset” and “digital unit” to help the Federal Trade Commission (FTC) with preventing unfair trade practices.
Lack of regulatory clarity has left the United States investors and blockchain enthusiasts vulnerable to sudden changes in legislation.
Having regulators and lawmakers put together a framework is the surest way to move things forward.
The Blockchain Innovation Act would expect the FTC to provide a thorough report on how blockchain can protect consumers.
Supporters and authors of the bill argued that it was their duty to ensure that the United States is back and leading in the way of blockchain.
The two bills have joined that of Rep. Jerry McNerney (D-CA) who has been calling for artificial intelligence use to ensure consumer safety inspections.
Meanwhile, the United States still leads in terms of raw blockchain patents, but Chinese startups and established e-commerce giants are already quickly catching up.
One area in which the United States can pull drastically ahead is the creation of an iGaming industry that runs on blockchain solutions.