The United States Congress presents 32 bills on crypto and blockchain. Members of the House of Representatives and United States senators introduced the bills in Congress 116.
This is due to Facebook’s introduction of the Libra project, ongoing efforts to bring regulatory clarity to the industry, and the novel concept of a digital US dollar. Interest in Capitol Hill seems to have grown beyond normal.
The congress will present twelve bills dealing with the use of crypto and blockchain in potential terrorism, money laundering, human trafficking and sex trafficking.
Of these, 13 focus on the legal framework and the treatment of crypto and blockchain. Five are promoting the way the U.S. government could use blockchain technology. and two deal with the concept of a digital dollar.
The use of cryptography for national security
The bills cover the use of crypto by terrorists, money launderers, and target trading. In addition, a bill deals with how foreign opponents try to avoid economic sanctions by creating their own crypto. Like in Venezuela.
In addition, three of the bills focus on enabling banking institutions and regulators to use blockchain technology, artificial intelligence, and digital identity. This is used to identify crypto-related criminal activity.
However, Senator Lindsey Graham introduced the EARN IT Act, which raises serious concerns about the future of end-to-end encryption. As well as the legal immunities that have protected internet platforms in the past.
Companies like Amazon and Google were able to reach their present size thanks to Section 230 of the Communications Decency Act.
It appears Senator Graham and others now believe that technology has become so large and influential that this immunity needs to be weakened by public policy concerns. For blockchain platforms in their growth phases, removing this concept would be a deterrent to the sector.
Promote the use of blockchain
Congress also considered supporting the growth of blockchain technology. Looking for a way to influence the economic sectors beyond crypto.
Therefore, the Blockchain Promotion Act sponsored by Senator Todd Young (R-IN) and Senator Ed Markey (D-MA) is already outside the committee and is waiting for a vote in the Senate.
This draft law mandates the Ministry of Commerce to set up a blockchain working group. Submit a report to Congress with a recommended definition of distributed ledger technology known as blockchain technology.
The Blockchain Task Force is also expected to conduct a study to investigate a number of potential applications.
Similarly, bills in this category include how blockchain technology can be used to improve data security. As can be the case in hospitals for the investigation of endemic fungal diseases.
Stronger legislation on central bank digital currencies is likely to be a growing area. This is because Congress is trying to address this issue.