Bill > HR1664

This bill establishes the Secretary of Commerce as the principal advisor to the President on blockchain technology, creating a comprehensive framework to promote U.S. leadership in this emerging technological field. The bill defines blockchain technology as a distributed digital database shared across computer networks, using cryptography to maintain data integrity, and establishes a Blockchain Deployment Program within the Department of Commerce. The Secretary will be responsible for developing policies, supporting technological stability and security, promoting national economic and security interests, and establishing advisory committees that include diverse stakeholders from technology, industry, academia, and other sectors. Key activities include examining how federal agencies can utilize blockchain technology, developing best practices, supporting technological interoperability, reducing cybersecurity risks, and facilitating understanding of blockchain applications. The bill explicitly ensures that no private entity is required to share information or adopt specific recommendations, maintaining a voluntary and collaborative approach. Additionally, the Secretary must submit annual reports to Congress detailing activities, potential legislative recommendations, and emerging risks and trends in blockchain technology. The Blockchain Deployment Program is set to operate for seven years, with the goal of maintaining U.S. competitiveness in this innovative technological domain.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1664/all-info