Two blockchain bills pass in the US House, head for Senate

The Blockchain Innovation Act would require the Department of Commerce and the Federal Trade Commission, or FTC, to put together a report on blockchain’s use in trade and, especially, to fight fraud. On the House floor last night, Soto described the bill as “a first step towards our long-term goal of setting up a Blockchain Center of Excellence in the Department of Commerce.”

The Digital Taxonomy Act — not to be confused with Warren Davidson’s Token Taxonomy Act — starts with the proposition that “the use of digital tokens and blockchain technology is likely to increase in the future.” It subsequently mandates that the FTC assemble a report on unfair and deceptive practices in crypto markets.