US lawmaker wants fed govt to formulate national blockchain strategy

We cannot let China beat us: US House Rep Brett Guthrie

Earlier this week, US House Rep. Brett Guthrie (R-KY) introduced a bill calling on the Federal Trade Commission (FTC) to survey the prevalence of blockchain technologies across industry, government and the globe.

He has called for recommendations on state-level blockchain adoption, business sector blockchain adoption, blockchain development plans, risk mitigation strategies, legislative frameworks and how to consolidate potentially prohibitive federal statutes.

The recommendation package effectively outlines a comprehensive blockchain strategy for the United States.

If passed, the bill would give the FTC two years to conduct the survey and a further six months to advise Congress on what it learned.

Some US allies such as Germany already have such a framework. But Guthrie’s focus is China.

“We cannot let China beat us,” he said in a press statement.

In April China launched the Blockchain Services Network, and it is now moving swiftly forward with testing of its central bank digital currency, the digital yuan. It has aggressively courted state-sponsored blockchain use cases far beyond the actions of the US.

“The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology,” he said in the statement.

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