This Tuesday, Brett Guthrie, a US House Representative, unveiled a bill that calls out the Federal Trade Commission (FTC) to review blockchain technology’s pervasiveness over the industry, government, and even the entirety of the world.
Once passed, this bill would provide the FTC two years to thoroughly conduct the review and then an additional six months to share with the Congress what they found out. The particular bill introduced by Guthrie failed to garner any cosponsors when he raised it to the House Energy and Commerce Committee.
Guthrie further encouraged fellow lawmakers to make recommendations on matters that concern the Blockchain adoption in the business industries, as well as to propose plans on tech-related developments. He also focused on the importance of preparing risk mitigation strategies alongside legislative frameworks, a move that would counter federal statutes that are likely to become prohibitive in the future.
Some allies of the United States already possess such frameworks, notably Germany. The proposed survey of the FTC, as dictated by the bill, would give lawmakers a detailed list of blockchain strategies from at least ten countries that are relative to the United States.
However, Guthrie’s primary concern is China. The country which is now the leading nation in terms of national Blockchain strategies, has quite turbulent relations with the US. He even went as far as stating that he wouldn’t let China beat the United States. For him, staying ahead of the Asian juggernaut is considered that much more crucial today, especially with the world amidst the adverse effects of COVID-19.