The US House of Reps. has passed the Consumer Safety Technology Act, which basically put the consumer in mind protecting them from digital fraud.
On June 22, the House of Representatives passed a bipartisan bill requiring the research of blockchain technology and digital tokens.
Consumer protection is the crux of the “Consumer Safety Technology Act,” which incorporates digital token and blockchain research.
Within a week of its presentation, the law was enacted by the 117th Congress, with 325 votes in favor and 103 votes against.
It is not the first time the resolution has reached this stage; it was passed by the House in September 2020 during the Trump administration.
The bill was subsequently referred to the Senate Committee on Commerce, Science, and Transportation, where it was defeated.
The bill, among other things, directs the Consumer Product Safety Commission to implement a pilot AI program to enhance consumer product safety inspections, such as identifying consumer product dangers and tracking trends connected to consumer product injuries.
The Bill alsorequests that the Secretary of Commerce and the Federal Trade Commission (FTC) “research and report on the usage of blockchain technology and digital tokens.”
Jerry McNerney, a Democrat from California’s 9th district, proposed the bill, which was co-sponsored by Darren Soto, a Democrat, as well as Republicans Warren Davidson, Van Taylor, Michael Burgess, and Brett Guthrie.
Two other crypto-related laws are included in the Consumer Safety Technology Act.
One is the Blockchain Innovation Act, which requires the FTC to report on “unfair or deceptive acts or practices in transactions connected to digital tokens,” as well as components of the Digital Taxonomy Act.
Rep. Soto first filed the latter bill in April of this year, but it failed to gain a single vote.
Both proposals attempts to prevent individuals and “unscrupulous companies” from engaging in fraudulent crypto practices.
Our #blockchain & #cryptocurrency bills with @RepGuthrie & @WarrenDavidson just passed the House as part of @RepMcNerney’s #ConsumerSafetyTechnologyAct. US must remain on the forefront of emerging technologies by fostering innovation & ensuring consumer protection. pic.twitter.com/vhI3FuVJJG
— Rep. Darren Soto (@RepDarrenSoto) June 22, 2021
Soto stressed the need of guaranteeing consumer protection from volatility and crim on the House Floor:
“When we look at market volatility, the use of cryptocurrency for ransomware, and recent attacks like the Colonial Pipeline and tax evasion, it’s critical that we get on the front end of this.”
The Blockchain Innovation Act mandates researches on crypto investment trends, the possible hazards and benefits of blockchain technology meant to safeguard consumers, and places where regulation could stimulate domestic innovation.
What do you think about this bill?