Summary of the “Deploying American Blockchains Act of 2023”
The “Deploying American Blockchains Act of 2023” outlines key regulations and directives aimed at promoting the competitiveness and adoption of blockchain and other distributed ledger technologies (DLT) in the United States. Here are the key points:
1- Definitions and Scope:
- Defines blockchain technology and other DLTs, tokens, and tokenization.
- Specifies the roles and terms used within the act, including the Secretary of Commerce and covered nongovernmental representatives.
2- Department of Commerce Leadership:
- The Secretary of Commerce is designated as the principal advisor to the President on blockchain policy.
- The Secretary is tasked with developing policies, supporting the technology’s stability and security, and promoting the U.S.’s leadership in blockchain technology.
3- Activities and Initiatives:
- The Secretary will develop recommendations on issues such as decentralized identity, cybersecurity, AI, fraud reduction, regulatory compliance, and supply chain resiliency.
- A Blockchain Deployment Program will be established within the Department of Commerce to support these initiatives.
- Federal agencies will be encouraged to adopt and benefit from blockchain technologies.
4- Best Practices and Coordination:
- The Secretary will facilitate the development and dissemination of best practices in blockchain technology, ensuring interoperability, security, and reduced risks.
- Regular consultation with private sector stakeholders and public-private partnerships to ensure effective deployment and innovation.
5- Advisory Committees:
- Advisory committees will be established to support blockchain adoption, comprising representatives from Federal agencies and various nongovernmental stakeholders, including industry experts, academia, and consumer groups.
6- Reporting and Oversight:
- The Secretary is required to submit an annual report to Congress detailing activities, emerging risks, trends, and legislative recommendations related to blockchain technology.
7- Sunset Clause:
- The Blockchain Deployment Program will terminate seven years after the enactment of the act.
8- Consultation and Stakeholder Involvement:
- Continuous consultation with relevant stakeholders to incorporate industry expertise and address the needs of both the private and public sectors.
This act aims to ensure that the United States remains competitive in the field of blockchain technology by fostering innovation, improving security, and creating a supportive regulatory environment.
Coinfident is a Swiss-based startup providing analytics and security tools for crypto traders. This article is for information purposes only and represents neither investment advice nor an investment analysis or an invitation to buy or sell financial instruments. Specifically, the document does not serve as a substitute for individual investment or other advice.
