Two Bipartisan Soto Blockchain and Cryptocurrency Bills Pass the House of Representatives

June 23, 2021
Press Release
The Blockchain Innovation Act and parts of the Digital Taxonomy Act were included in the Consumer Safety Technology Act

WASHINGTON, D.C. – Last night, Congressman Darren Soto’s (D-FL-09) bipartisan bills, H.R. 3639, the Blockchain Innovation Act and parts of H.R. 3638, the Digital Taxonomy Act passed the House of Representatives as part of Rep. Jerry McNerney’s (D-CA-09) bill, H.R. 3723, the Consumer Safety Technology Act. The bills also passed during the 116th Congress and were the first blockchain bills to pass the House.

“Emerging technologies like artificial intelligence, blockchain technologies, and cryptocurrency are playing a growing importance in our daily lives and are going to be an economic driver for the 21st century economy…” said Rep. Soto on the floor of the House of Representatives. “It’s essential that the United States continue to be a global leader in these emerging technologies to ensure our democratic values remain at the forefront of this technological development… Also, as a responsible global leader, the United States must strike the appropriate balance of providing an environment that fosters innovation while ensuring appropriate consumer protection.”

The Blockchain Innovation Act, co-sponsored by Rep. Brett Guthrie (R-KY-02), directs the Department of Commerce in consultation with the Federal Trade Commission (FTC) to conduct a study and submit to Congress a report on the state of blockchain technology and commerce, including its use to reduce fraud and increase security.

“This is a first step towards our long-term goal of setting up a Blockchain Center of Excellence in the Department of Commerce,” said Rep. Soto on the House floor.

H.R. 3638, the Digital Taxonomy Act, co-sponsored by Rep. Warren Davidson (R-OH-08), requires the FTC to submit to Congress a report and recommendations on unfair deceptive trade practices in digital tokens.

“When we look at market volatility, the use of cryptocurrency for ransomware, and recent attacks like the Colonial Pipeline and tax evasion, it’s critical that we get on the front end of this,” said Rep. Soto on the House floor.

The passage of the Consumer Safety Technology Act, its first section on artificial intelligence, and the inclusion of Rep. Soto’s bills represent a collaboration between the leaders of the Congressional Artificial Intelligence Caucus and the Congressional Blockchain Caucus, respectively.

To view Rep. Soto’s full remarks on the House floor, please click here.

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