Two cryptocurrency-related bills pass U.S. House of Representatives, head to Senate

The Consumer Safety Technology Act was passed by the U.S. House of Representatives on Tuesday night, Eastern Time.

The bills are divided into three themes, two of which are blockchain and cryptocurrency-focused bills introduced by Congressman Darren Soto (D-Fl), namely The Blockchain Innovation Act and The Digital Taxonomy Act, and the third focuses on regulating artificial intelligence.

Soto's bill was previously passed by the House of Representatives, but was shelved in the political whirlpool of the congressional transition and presidential election at the beginning of the year. The re-passage of the House of Representatives at least gives the Senate more time to consider it.

The Blockchain Innovation Act would require the Commerce Department and the Federal Trade Commission (FTC) to put together a report on the use of blockchain in trade, particularly in combating fraud. Last night on the House floor, Soto described the bill as “the first step toward our long-term goal of establishing a Blockchain Center of Excellence at the Department of Commerce.”

The Digital Taxonomy Act proposes that "the use of digital tokens and blockchain technology may increase in the future." It states that it is important for the United States to stay ahead in innovation and requires the FTC to prepare a report on unfair and fraudulent practices in the crypto market.

Following high-profile ransomware attacks such as the Colonial Pipeline and JBS, the illicit use of cryptocurrencies has received significant attention and progress has been made in legislation.

The bills’ fate in the Senate remains to be seen. The House has attracted a growing number of cryptocurrency advocates over the years, but the Senate, which has lower turnover and far fewer lawmakers, has shown lukewarm interest in blockchain regulation.