WASHINGTON—The House has passed two bills of interest to credit unions, the Digital Taxonomy Act and the Blockchain Innovation Act.
Both bipartisan bills were introduced by Congressman Darren Soto (D-FL) and will be incorporated into the Consumer Safety Technology Act, if passed by the Senate.
The Blockchain Innovation Act requires the Secretary of Commerce, in consultation with the Federal Trade Commission, to study blockchain technology and its use in consumer protection. The study would explore how blockchain can be used commercially, including the benefits and risks for consumer protection and its ability to reduce fraud, amongst others. Congress will also need to receive a report on this study. The bill’s ultimate goal is to form a ‘Blockchain Center of Excellence’ within the Department of Commerce, Ledger Insights said.
The Digital Taxonomy Act will authorize the FTC to prevent deceptive and unfair practices relating to digital tokens.
“Congress will need to receive a report on the FTC’s actions. Notably, the report must include recommendations for legislation that would help protect consumers from deceptive practices in the sector and promote the United States’ global competitiveness. The FTC will receive $25 million for each fiscal year between 2020 and 2024 for this purpose,” Ledger Insights said.