The U.S. House of Representatives passed two crypto bills on Tuesday evening.
The Consumer Safety Technology Act, sponsored by Rep. Jerry McNerny (D-Calif.), directs the Consumer Product Safety Commission to establish a pilot program to explore use cases for artificial intelligence in commerce. The two blockchain bills – the Blockchain Innovation Act and parts of the Digital Taxonomy Act – direct the Secretary of Commerce and the Federal Trade Commission (FTC) to study and report on the use of blockchain technology and digital tokens.
The Consumer Safety Technology Act was approved in a previous session of Congress, passing the House in September of 2020, but was never approved by the Senate and died at the close of the session.
By reintroducing the bill and passing it onto the Senate again, McNerny and his co-sponsors, including longtime blockchain advocate Rep. Darren Soto (D-Fla.), are giving the bill a second chance.
The blockchain bills are one of many in a series of attempts to provide regulatory clarity on digital asset ownership and management. Many in the crypto space are increasingly demanding regulation, claiming that the lack of a legal framework stifles innovation.