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Congressman Guthrie Cosponsors Bill to Study Blockchain Technology

Washington, D.C. , July 25, 2023 | DJ Griffin (202-225-3501)

Washington, D.C. — Congressman Brett Guthrie (KY-02) along with Congressman Darren Soto (FL-09), Congressman Michael C. Burgess, M.D. (TX-26), and Congresswoman Lori Trahan (MA-03), re-introduced the Consumer Safety Technology Act, a bipartisan bill that will require the Department of Commerce and other agencies study blockchain technology consumer products and safety.

“The United States has been a global technology leader. It is crucial that we continue to lead in technological innovation and ensure we do not become reliant on foreign adversaries like the Chinese Communist Party to stay connected. The Consumer Safety Technology Act would authorize the Department of Commerce and other agencies to study blockchain technology to help us unleash it’s capabilities and protect consumers from fraud. As new technologies are quickly developed, it is critical we stay ahead of the curve by developing policies that allow our home-grown technologies to thrive domestically and globally,” said Guthrie.

"Emerging technologies like artificial intelligence, blockchain, and digital tokens are playing a growing importance in our daily lives and are proving to be an economic driver for the 21st-century economy," said Rep. Soto. "It is critical that the United States acts as a global leader in these emerging technologies to ensure our democratic values remain at the forefront of this technological development. As a responsible global leader, the United States must strike the appropriate balance of providing an environment that fosters innovation while ensuring consumer protection."

Background:

The Consumer Safety Technology Act would:

  • Directs the Consumer Product Safety Commission (CPSC) to launch a pilot program exploring the use of artificial intelligence to track injury trends, identify hazards, monitor recalls, or identify products not meeting importation requirements; 
  • Requires the Department of Commerce and other agencies to study blockchain technology in the context of consumer products and safety; and 
  • Directs the Department of Commerce (DOC) and FTC to report on their efforts to address unfair or deceptive trade practices related to digital tokens.  

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