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WASHINGTON, D.C. – Congressman Brett Guthrie (KY-02) introduced the Blockchain Innovation Act, and the U.S. House of Representatives this week passed this bill as part of the Consumer Safety Technology Act. This is the latest example of Guthrie’s efforts to promote innovation to keep the United States a leader in 21st century technologies.

“We need to ensure that the United States leads the world in emerging technologies to unlock the benefits of these technologies for Americans and encourage economic growth. It’s also important to be at the forefront of innovation so that we do not become dependent on countries, like China, for our technology needs. The Blockchain Innovation Act would authorize a study to help us better understand how we can unleash blockchain technology to protect consumers from fraud and secure their data. What we learn can be used to strengthen the country’s supply chain and make further policy decisions on how to regulate blockchain and promote innovation,” said Guthrie.

Guthrie introduced the Blockchain Innovation Act with Congressman Darren Soto (FL-09), and this bill now heads to the U.S. Senate for consideration.

Guthrie also introduced the Blockchain Promotion Act this Congress with Congresswoman Doris Matsui (CA-06), which would create a working group consisting of stakeholders from the federal government and private sector to define blockchain and identify opportunities for efficiencies in the federal government. This stakeholder group would also provide recommendations for studying applications of blockchain technology.

“We live in an exciting time when innovative technologies are being developed and deployed quickly but also often outpacing government regulations,” said Guthrie when the bill was introduced. “An example of this is blockchain technology, and this technology is currently being used for business transactions and other applications in our digital economy, such as security and privacy. I’m pleased to partner again with Congresswoman Doris Matsui on the Blockchain Promotion Act to establish a common definition of blockchain to help provide regulatory clarity on blockchain technology as it is further applied and advanced in our economy.”

The Blockchain Promotion Act has been introduced in the House and Senate.

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