According to a recent survey, the U.S. Congress introduced 40 bills on the subject of crypto and blockchain in just two years.
For U.S. legislation, cryptocurrencies are probably a scarecrow, and the U.S. Congress has responded with a number of bills. According to official information published by Forbes, the 116th U.S. Congress , convened on January 3, 2019 to date, has submitted 40 bills on cryptocurrencies and blockchain technologies.
Of the 40 laws submitted, 11 passed through the House of Representatives and 2 became laws
As for these two approved laws, they are to form part of much larger draft laws involving the appropriations process. The first law focuses more on how cryptocurrency affects economic sanctions and the second law, on how the Department of Defense can use blockchain technology. Congress has conducted several briefings on these laws.
It serves to mention some of the proposals passed the House of Representatives and are still waiting for measures to be taken by the U.S. Senate.
Of the 9 proposals, up to 3 focuses on exploring the possibilities of blockchain technology and digital identity in the concept to improve the whole process of data analysis and information distribution to law enforcement.
Specifically:
- The Financial Technology Protection Act of 2019
- The Homeland Security Assessment of Terrorists’ Use of Virtual Currencies Act
- The Fight Illicit Networks and Detect Trafficking Act
- The Blockchain Innovation Act
- The Advancing Blockchain Act
- The Digital Taxonomy Act
- The Consumer Safety Technology Act
- The American Competitiveness on More Productive Emerging Tech Economy (COMPETE) Act
Thanks to the technology foundation / Jason Brett, we can also look at the division of all 40 bills into four categories:
Most bills were submitted in the category of ‘Regulatory Framework And Treatment of Cryptocurrency And Blockchain’ with 40%, second place belongs to ‘Use Of Cryptocurrency In Potential Terorism, Money Laundering, And Human And Sex Trafficking’ with 30%, third with 22% ‘Promoting The Use of Blockchain Technology by The U.S. Government’ and last in 8% was the category ‘U.S. Central Bank Digital Currency And Digital Dollar’.
To see the full report on these 40 bills, the Value Technology Foundation is expected to publish it by the end of 2020.
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