On May 19, US Congressman Brett Guttierez introduced the "Blockchain Technology Advancement" bill. The bill calls on the Federal Trade Commission and the Secretary of Commerce to conduct a comprehensive study of the status of admission and applications of blockchain, and to rank the United States in relation to other countries in terms of accepting blockchain technology.
Creating judicial territory for various federal firms?
The bill seeks to set new tasks for federal firms, urging regulators to review federal activities surrounding blockchain technology and provide a brief description of the jurisdiction and expertise of federal firms related to blockchain technology. This could create more transparency in determining which firm governs what, but the bill does not specify cryptocurrencies or digital assets. The current text of the bill seems to focus on the applications of blockchain, especially in international trade, for example, supply chain management. Given Brett Guttierez's role in residential energy and the Trade Commission, it is possible that Blockchain's use in the energy sector will be left to him.
Blockchain acceptance rankings worldwide
In some interesting sections of the bill, Guttierez called for the recognition of the United States' position in accepting blockchain over other countries:
An international study should be conducted to prepare abstracts of the national strategies of 10 countries in the field of blockchain technology, to determine the position of the United States in terms of development and acceptance of blockchain technology.
"The United States is an innovation and investment country, and we need to keep that in mind," Guttierez said. "We cannot allow China to overtake us." Although the Chinese government is officially opposed to the cryptocurrencies, the president is encouraging the development of blockchain in the country. The Chinese Communist Party School has also recently published a book on cryptocurrency. China looks set to become the first powerhouse to produce a digital version of the national currency in the blockchain.
