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US Congress Adds Blockchain and Cryptocurrency in the 'Christmas Tree' Bill
Last Updated: December 19, 2024
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Key Takeaways
- Congress’s “Christmas Tree” bill includes a plan to explore blockchain's benefits for federal agencies and national security;
- The Deploying American Blockchains Act tasks the Commerce Department with leading blockchain policy and advising the president;
- A new advisory committee is required to assess blockchain uses and US competitiveness in the crypto industry.
The United States Congress recently introduced a large spending plan, known as the "Christmas Tree" bill, to keep the government running until March 2025.
A new initiative focused on blockchain technology and cryptocurrency is included in the 1,547-page proposal, along with various measures added before the holiday break.
This initiative covers the “Deploying American Blockchains Act”, which allows the Department of Commerce to lead in shaping blockchain policies. The department will work with industry experts to explore how blockchain technology can benefit the federal government.
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A key part of the initiative is the creation of a “National Blockchain Deployment Advisory Committee”. This group will assess how federal agencies can use blockchain and tokenization, which involves creating digital versions of real-world assets.
It will also examine how blockchain can improve national security and report regularly to Congress on related policies and US competitiveness in the field.
The 'Deploying American Blockchain Act' was passed in the House of Representatives in May 2024.
It outlines definitions for key terms, such as “blockchain technology” and “tokenization”, and establishes an advisory role for the Department of Commerce. According to the proposal, the secretary of the department is also required to be an advisor to the president on crypto-related issues.
Meanwhile, lawmakers Maxine Waters and Patrick McHenry proposed the "AI Act of 2024" bill to study the role of artificial intelligence (AI) in the finance and housing industries. How would the bill help these two sectors? Read the full story.
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