Blockchain law passed by US Congress and goes to the Senate

Energy and Trade Committee bills go to the US Senate after the vote this afternoon.

The latest version of the Consumer Safety Technology Act, which now includes the Digital Taxonomy Act and the Blockchain Innovation Act, passed the U.S. House of Representatives and is now addressing the Senate on Tuesday afternoon.

The Digital Taxonomy Act provides definitions for the terms „digital asset“ and „digital unit“ and would charge the Federal Trade Commission to prevent unfair business practices in both. The Blockchain Innovation Act would require the FTC to report on the role of blockchain in consumer protection.

On the news, the author of both bills, Congressman Darren Soto (D-FL), said, „As legislators, it is our duty to ensure that the United States continues to lead blockchain technology.

Soto’s two bills left the Energy and Trade Commission earlier this month. They leave the House along with legislation by Representative Jerry McNerney (D-CA) requiring the use of artificial intelligence in consumer safety inspections.