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The bipartisan Consumer Safety Technology Act, which would require study on the use of blockchain technology and digital tokens, has passed the House of Representatives for a second time.
H.R. 3723 was one of 16 bills, targeted at consumer protections, that cleared the house on Tuesday through an expedited process. It is the second time the bill, also dubbed the AI for Consumer Product Safety Act, has passed the house. Last year, it was killed in the Senate, Law360 reports.
The bill was sponsored by Rep. Jerry McNerney, D-Calif., and co-sponsored by Rep. Michael Burgess, R-Texas; Rep. Darren Soto, D-Fla.; Rep. Brett Guthrie, R-Ky.; Rep. Warren Davidson, R-Ohio; and Rep. Van Taylor, R-Texas.
The bill would require federal agencies to report on the uses and possible abuses of blockchain technology and digital tokens, and would require studies into how to use artificial intelligence and blockchain technology for consumer protection.
The Blockchain Innovation Act, a section of the bill, would require the secretary of Commerce to work with the Federal Trade Commission to study how blockchain technology could be used to limit fraud and other unfair trade practices, Law360 reports.
The Federal Trade Commission would also be required to report the agency’s actions in preventing or responding to unfair practices in digital token transactions, and include recommendations for legislation that would help improve consumer protection and bolster fair competition in the cryptocurrency space.
Through the bill, a pilot program using artificial intelligence to explore injury trends, product hazards, recalled products, or products that shouldn’t be imported into the U.S. would be run by the Consumer Product Safety Commission, Law360 reports.
Rep. Soto said on Twitter that the U.S. must remain on the forefront of emerging technologies by fostering innovation & ensuring consumer protection.
The other bills included measures to make the U.S. Department of Justice’s initiative to prevent financial elder abuse permanent, to require a report on the pandemic’s effect on consumer-product injuries, and to designate certain sleepers for infants as hazardous.
The bills passed the House with 325 votes for and 103 against.
The federal government and cryptocurrency Bitcoin have shared the headlines recently, after the Department of Justice recovered $2.3 million from an account that was thought to be anonymous where a more than $4 million ransom was paid in Bitcoin after a hack on Colonial Pipeline.
What do you think about the government looking into ways to use blockchain technology to protect consumers? Let us know in the comments section!
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One thought on Bipartisan Bill to Study Blockchain Technology, Cryptocurrency Passes the House for Second Time
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