Bill Summary
The Blockchain Innovation Act is a bill that aims to direct the Secretary of Commerce, in consultation with the Federal Trade Commission and other appropriate federal agencies, to conduct a study on the use of blockchain technology in consumer protection. This study will examine the current and potential use of blockchain technology in commercial transactions, the benefits and risks of using blockchain technology for consumer protection, and how it can be used to reduce fraud and increase security in commercial transactions. The Secretary will also gather public input and provide recommendations for areas where federal regulation of blockchain technology could be improved. The results of the study will be compiled into a report and submitted to Congress, with the goal of promoting domestic innovation and improving consumer protection in the use of blockchain technology.
Possible Impacts
1. The study mandated by the "Blockchain Innovation Act" could potentially affect businesses and consumers by providing information on the current and potential uses of blockchain technology in commerce. This could impact consumer trust and confidence in the technology and its potential benefits for limiting fraud and deceptive practices.
2. Through the examination of best practices in facilitating public-private partnerships in blockchain technology, this legislation could potentially impact the development and adoption of blockchain technology by businesses and government agencies. This could have an indirect effect on consumers through changes in the way transactions are conducted and protected.
3. The report submitted to Congress could potentially lead to changes in federal regulation of blockchain technology, with a focus on increasing clarity and encouraging domestic innovation. This could have a direct impact on businesses and consumers who are using or considering using blockchain technology, as well as potentially shaping the future of consumer protection in the digital age.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8153 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 8153
To direct the Secretary of Commerce, in consultation with the Federal
Trade Commission, to conduct a study and submit to Congress a report on
the state of the blockchain technology and use in consumer protection,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 1, 2020
Mr. Soto (for himself, Mr. Guthrie, and Ms. Matsui) introduced the
following bill; which was referred to the Committee on Energy and
Commerce
_______________________________________________________________________
A BILL
To direct the Secretary of Commerce, in consultation with the Federal
Trade Commission, to conduct a study and submit to Congress a report on
the state of the blockchain technology and use in consumer protection,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SEC. 1. SHORT TITLE.
This Act may be cited as the ``Blockchain Innovation Act''.
SEC. 2. STUDY ON BLOCKCHAIN TECHNOLOGY AND ITS USE IN CONSUMER
PROTECTION.
(a) In General.--
(1) Study required.--Not later than one year after the date
of enactment of this Act, the Secretary of Commerce, in
consultation with the Federal Trade Commission, and in
consultation with any other appropriate Federal agency the
Secretary determines appropriate, shall conduct a study on
current and potential use of blockchain technology in commerce
and the potential benefits of blockchain technology for
limiting fraud and other unfair and deceptive acts and
practices.
(2) Requirements for study.--In conducting the study, the
Secretary shall examine--
(A) trends in the commercial use of and investment
in blockchain technology;
(B) best practices in facilitating public-private
partnerships in blockchain technology;
(C) potential benefits and risks of blockchain
technology for consumer protection;
(D) how blockchain technology can be used by
industry and consumers to reduce fraud and increase the
security of commercial transactions;
(E) areas in Federal regulation of blockchain
technology where greater clarity would encourage
domestic innovation; and
(F) any other relevant observations or
recommendations related to blockchain technology and
consumer protection.
(3) Public comment.--In producing the study required in
subsection (a)(2), the Secretary shall provide opportunity for
public comment and advice relevant to the production of the
study.
(b) Report to Congress.--Not later than 6 months after the
completion of the study required pursuant to subsection (a), the
Secretary shall submit to the Committee on Energy and Commerce of the
House of Representatives and the Committee on Commerce, Science, and
Transportation of the Senate, and make publicly available on the
website of the Department of Commerce, a report that contains the
results of the study conducted under subsection (a).
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