KEY POINTS

  • Two blockchain bills were introduced and incorporated into the Consumer Safety Technology Act
  • The bills aim to study the use of blockchain to fight fraud
  • The bills also instruct relevant departments to ensure that the United States remains as a key leader in the blockchain space

Two blockchain-related bills introduced by Rep. Darren Sotto, D-FL, were rolled into another bill called the Consumer Safety Technology Act, which sets out the rules, instructions and guidelines on how to use blockchain technology to combat fraud while at the same time ensuring that the United States remains a leader in the blockchain space.

The two acts — the Digital Taxonomy Act and Blockchain Innovation Act — filed by Rep. Sotto was incorporated into the Consumer Safety Technology Act which, according to news outlet Decrypt. It is concerned about protecting the public against digital asset-related scam and the fighting of fraud through the use of blockchain.

As a standalone bill, the Digital Taxonomy Act requires the Federal Trade Commission (FTC) to train and allocate resources to identify and guard against deceptive practices involving digital tokens. It also instructs the commission to produce a report to the House Committee on Energy and Commerce and the Senate Committee on Commerce, Science and Transportation discussing the efforts it took to combat digital assets-related fraud.

Citing that blockchain is important to American innovation, it instructs the FTC to provide recommendations so that the United States will remain competitive in the field.

The second bill called the Blockchain Innovation Act requires the Secretary of Commerce to produce, in collaboration with FTC and other departments, a report on how to use blockchain to fight fraud.

According to Rep. Sotto, blockchain has an incredible potential for innovation and economic growth.

“I believe our government needs to support that growth,