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September 19, 2020
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The US Congress is to debate the Act on blockchain technology – Blocksats

American lawmakers propose new legislation regarding blockchaina. Congressman Brett Guthrie called on the Federal Trade Commission (FTC) and the Secretary of Commerce to launch a survey that will examine the applications and state of adoption of this new technology in the United States and the world.

Blockchain in Usa

Added to this was the bill, “Advending Blockchain Act”, which was presented on Tuesday also by Congressman Brett Guthrie.

If the regulations are approved, the FTC and other relevant federal agencies will carry out a special study of the industries, as well as public and private entities, which use and develop blockchain technology, establishing a way to design a national strategy for new technology. The study will also examine the pros and cons of widespread technology adoption in the United States, and determine blockchain jurisdiction and the role of federal agencies in this process.

Adoption in the US and in the world

The project also aims to review how the United States is performing compared to other countries in terms of the adoption and development of blockchain. In particular, it is China, which is investing heavily in this market space. President Xi Jinping himself previously announced the national strategy for blockchain in his country and also expressed the conviction that efforts are needed to make it used to settle transactions and improve complex procedures in many different industries.

The congressman’s bill proposes to conduct an international survey, which will become the basis for developing a detailed blockchain strategy.

The problem in the USA

The US has a problem regarding the adoption of cryptocurrencies and blockchain. It came to the point that even politician Andrew Yang, who was trying to become a Democratic Party candidate in the presidential race, wrote an open letter on new technology. He pointed out a significant problem. Today regulations regarding this new market in the USA are – as he puts it – “patchwork”. In other words, each state has its own blockchain regulations. It kind of discourages startups from this market to open their headquarters in the USA. According to Yang, this leads to the fact that blockchainowi experts direct their steps towards Asia or Europe.

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