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Regulation

US legislators approve bills for study of blockchain in commerce

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4 Monaten ago

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The Committee on Energy and Commerce has just approved two pieces of legislation to spur more in-depth analysis of blockchain technology in government, clearing the way for their vote in the House of Representatives.

In an online debate moderated by Chamber of Digital Commerce founder Perianne Boring on Sept. 9, Democratic Representative of Florida’s 9th District Darren Soto announced that after “nearly two years of pushing,” the Committee on Energy and Commerce had passed the Digital Taxonomy Act. In addition, the committee approved the American COMPETE Act. Both pieces of legislation will now go to the main floor of the U.S. House of Representatives for a vote.

The Digital Taxonomy Act, if passed in Congress, would instruct the Department of Commerce in consultation with the Federal Trade Commission (FTC) to conduct and submit a study on the state of blockchain technology to various committees in the House of Representatives and the Senate. It would also require the FTC to report on recommendations regarding unfair and deceptive practices related to digital tokens.

The American COMPETE Act would require the Department of Commerce to review this study and report to Congress on the state of artificial intelligence, quantum computing, blockchain, and new related industries.

“It’s a first step,” said Soto, who sponsored the first bill with Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA). “We definitely want to get into more substantive legislation. But for right now the appropriations and getting the first reports done by the Department of Commerce, the FTC, the DoD, and others are going to acclimate Congress because a lot of folks don’t understand the technology.

Soto is one of the main figures shaping crypto policy inside of Congress. He has often expressed concern that the U.S. government’s lack of understanding of emerging technology is holding the country back from building a competitive cryptocurrency sector.

“That’s our biggest obstacle. It’s not partisanship — it’s ignorance that we battle against. These reports familiarize everybody.”

However, the congressman also cited a few legislative victories. In August, the U.S. Department of Agriculture proposed amending its rules on organic products to include implementing blockchain technology to trace its supply chain. Soto also joined several other members of Congress to request the IRS not overtax rewards from Proof-of-Stake blockchains.

“We have long-term goals working with the digital chamber to get a cryptocurrency center of excellence in the Department of Commerce to really help work on the various different ways blockchain can be utilized,” said Soto. “Whether it’s in financial transactions, keeping communications secure, whether it’s keeping data secure.”

Soto practices what he preaches. The congressman also announced that he would be accepting crypto campaign contributions. His website currently shows the option to give up to $2,800 using BitPay.



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Regulation

File comments against new crypto FinCEN rule, Coin Center leader urges

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4 Minuten ago

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Dezember 29, 2020

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With the two-week commentary period winding down, Jerry Brito, executive director of non-profit crypto policy advocate group Coin Center, says comments could make a difference in the ultimate outcome of the self-custodied wallet ruling recently proposed by the U.S. Treasury. 

“Coin Center is working with folks in Congress to get some letters sent to Secretary Mnuchin requesting an extension to the rushed comment period,” Brito said in a Dec. 28 tweet, adding:

“Everyone in the cryptocurrency ecosystem should file a comment with FinCEN explaining how this rule would affect them and pointing out the unintended consequences. Filing a comment really does help.”

With his likely exit from office looming next month, U.S. Treasury Secretary Steven Mnuchin dropped a regulatory proposal on the crypto space on Dec. 18. If passed, the new law would essentially mandate that U.S.-based crypto services must check users’ identities and their respective wallets whenever they withdraw over $3,000 to a self-custodied wallet, or if they move more than $10,000 to another platform.

Rather than the normal 60-day period, the regulatory body only left the crypto industry with a 15-day window for feedback on the proposal. Brito posited feedback from the crypto industry could help the situation by pushing back the deadline.

“Mnuchin wants to get this rule finalized before he leaves office on Jan 20,” Brito tweeted. “But FinCEN is required by law to consider every comment before finalizing the rule,” he added. “If there are a lot of substantive comments filed, they won’t be able to finalize the rule before Jan 20.”

Pushing the proposal’s decision date past Jan. 20 would leave the law undecided until after government leaders change seats. Delaying the proposal through that date would likely lead to a more thought-out legislation, according to Brito.

“Ideally you should write a unique, substantive letter that describes how the rule will affect you or your firm,” he added, pointing toward an example proposed on Twitter by Jake Chervinsky, general counsel for crypto project Compound. Comments need to be in to the Treasury by Jan. 4. Industry folks can also send in shorter remarks via a digital rights entity called Fight for the Future.

U.S. regulatory bodies have ramped up their engagement in the crypto space in 2020, evident in a number of headlines throughout the year.