H.R.3723 labeled, Consumer Safety Technology Act, is on its way to the United States Senate for review.

The bill breaks into three sections:

Title 1 – AI for Consumer Product Safety Act

                The basic idea behind this bill is to explore the possibility for machine learning to assist in tracking trends regarding consumer safety. A few items include product tracking, retail accidents, and customs reporting.

Title 2 – Blockchain Innovation Act

                This will begin a study taking no greater than 1 year into the uses and potential benefits of blockchain technology. A focus is given to limiting fraudulent activity and commercial use. The agencies involved in this study are the Secretary of Commerce in conjunction with the Federal Trade Commission. A public comment opportunity will be included in this study which provides a timely opportunity for industry to show its application cases directly to regulators.

Title 3 – Digital Taxonomy Act

                This provision empowers the Federal Trade Commission to investigate deceptive practices relating to the sale of digital tokens with the intent of establishing consumer protections. This process concludes with recommendations for further legislation to follow.

The advancement of this bill is a good thing overall for blockchain adoption. There is some verbiage included within it that establishes that regulators are aware that blockchain technology is not going anywhere. Some of the statements include “blockchain technology is likely to increase in the future”, and “it is important that the United States remains a leader in innovation”.

This bill still has a way to go before it is fully enacted, but I think it is important for our community to realize that we are close to a massive adoption in the United States. There are officials speaking as individuals both for and against this technology but with the passage of legislation the wheels will only spin faster. For now, we wait for Senate oversight and the updates to come.