The US Congress recently passed at least two cryptocurrency bills that are supposed to facilitate mainstream adoption of digital currencies. The bill, called the Blockchain Innovation Act, and part of the Digital Taxonomy Act were passed as part of the broader US Consumer Safety Technology Act of 2020.
On June 23, the U.S. Congress approved two previously proposed cryptocurrency bills that will become laws once approved by the executive branch. The first bill, the Blockchain Innovation Act, aims to explore the feasibility of using blockchain to combat fraud. The bill specifically wants the government to develop Blockchain-powered systems to detect unfair and fraudulent practices.
According to reports, the US Congress has forwarded the bill for investigation by the Department of Commerce in consultation with the Federal Trade Commission. All possible uses of Blockchain Technology should be researched and reported back to Congress for further action. The bill was first introduced in Congress by the Democratic Party representative for Florida Darren Soto.
On the other hand, the second bill referred to as "The Digital Taxonomy Act" was also introduced in the 116th US Congress by Darren Soto. In the submission, the purpose of the bill was mentioned as a deterrent in using digital tokens for fraudulent gains. The second proposer of the bill is Warren Earl Davidson and represents Ohio.
Despite the harsh price movement faced by the cryptocurrency market, there have been a number of positive regulatory gestures. The positive gestures towards bitcoin are seen as a combination of pro-cryptocurrency politicians winning public office and evolving authorities. The latest candidate for the US Treasury Brian Nelson has recently expressed interest in cryptocurrencies.
Another major setback came when the Central American Country El-Salvador made bitcoin legal tender. Although the government is still seeking approval from key international financial partners, including the World Bank, the move has caused positive movement within the cryptocurrency space.