The United States Congress recently introduced a large spending plan, known as the “Christmas Tree” bill, to keep the government running until March 2025.
A new initiative focused on blockchain technology and cryptocurrency is included in the 1,547-page proposal, along with various measures added before the holiday break.
This initiative covers the “Deploying American Blockchains Act”, which allows the Department of Commerce to lead in shaping blockchain policies. The department will work with industry experts to explore how blockchain technology can benefit the federal government.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
What is a Crypto Mining Rig? Is it Worth it? (EASILY Explained)
A key part of the initiative is the creation of a “National Blockchain Deployment Advisory Committee”. This group will assess how federal agencies can use blockchain and tokenization, which involves creating digital versions of real-world assets.
It will also examine how blockchain can improve national security and report regularly to Congress on related policies and US competitiveness in the field.
The ‘Deploying American Blockchain Act’ was passed in the House of Representatives in May 2024.
It outlines definitions for key terms, such as “blockchain technology” and “tokenization”, and establishes an advisory role for the Department of Commerce. According to the proposal, the secretary of the department is also required to be an advisor to the president on crypto-related issues.
Meanwhile, lawmakers Maxine Waters and Patrick McHenry proposed the “AI Act of 2024” bill to study the role of artificial intelligence (AI) in the finance and housing industries. How would the bill help these two sectors? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
