US Accelerates Moves on Cryptocurrency Regulation


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The Consumer Safety Technology Act passed the House of Representatives last Tuesday. Two of the three chapters of the law were blockchain and crypto-focused bills, while the third focused on regulating artificial intelligence (AI).

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The Blockchain Innovation Act will require the Department of Commerce and the Federal Trade Commission, or FTC, to produce a report on the use of blockchain in commerce and specifically anti-fraud. Bill by Representative Darren Soto “The first step towards our long-term goal of establishing a blockchain hub at the Ministry of Commerce” described as.

Progress in legislation comes just after high-profile ransomware attacks such as Colonial Pipeline and JBS increased public interest in the illegal use of cryptocurrencies.

While the legislature has attracted more and more cryptocurrency advocates over the years, it has shown much less interest in blockchain regulation. This may be changing, although not in an industry-appropriate way.