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 sounds for recommendations on state-level and business sector blockchain adoption, blockchain development projects, further legislative charters, risk mitigation policies, and ways to amalgamate prospected prohibitive federal statutes. This recommendation set would basically outline a very comprehensive blockchain approach for the United States as a whole.
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 clear leading nation regarding national blockchain strategies and 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.
The particular bill seemingly headed by Guthrie is part of an emerging technologically driven legislative package that House Republicans brought.