The recently released Consumer Safety Technology Act, which presently includes the Digital Taxonomy Act and therefore the Blockchain Innovation Act, has passed within the House of Representatives & is now headed for the Senate as of Tuesday afternoon.
The Digital Taxonomy Act offers definitions for the terms “virtual asset” & “virtual unit” & would task the Federal Trade Commission with preventing unfair trade practices in both. The Blockchain Innovation Act would require the FTC to place together a report on blockchain’s role in users’ security & safety.
As per the news, the author of the 2 bills, Congressman Darren Soto [D-FL], added that “As lawmakers, it’s our duty to make sure the U.S. continues to steer within the blockchain technology sector.”
Two newly introduced bills from Soto left the Committee on Energy & Commerce earlier this month. They leave the House rolled alongside legislation from Rep. Jerry McNerney [D-CA] that involves the utilization of AI in user safety inspections.