Advancing Blockchain Act

I 116TH CONGRESS 2D SESSION H. R. 6938 To require the Secretary of Commerce and the Federal Trade Commission to conduct a study on blockchain technology, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 19, 2020 Mr. GUTHRIE introduced the following bill; which was referred to the Com- mittee on Energy and Commerce, and in addition to the Committees on Science, Space, and Technology, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee con- cerned A BILL To require the Secretary of Commerce and the Federal Trade Commission to conduct a study on blockchain technology, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Advancing Blockchain 4 Act’’. 5 SEC. 2. BLOCKCHAIN TECHNOLOGY STUDY. 6 (a) IN GENERAL.— 7 VerDate Sep 11 2014 04:01 Jun 12, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 6938 IH (1) STUDY REQUIRED.—Not later than 2 years 1 after the date of the enactment of this Act, the Sec- 2 retary of Commerce and the Federal Trade Commis- 3 sion, in coordination with the head of any other ap- 4 propriate Federal agency, shall conduct a study on 5 the impact of blockchain technology on United 6 States businesses conducting interstate commerce. 7 (2) REQUIREMENTS FOR STUDY.—In con- 8 ducting the study, the Secretary and the Commis- 9 sion shall do the following: 10 (A) Conduct a survey on blockchain tech- 11 nology through outreach to participating enti- 12 ties to— 13 (i) establish a list of the industry sec- 14 tors that develop and use blockchain tech- 15 nology; 16 (ii) establish a list of public-private 17 partnerships focused on promoting the 18 adoption, and use of blockchain technology; 19 (iii) provide a description of the ways 20 industry sectors develop, use, or promote 21 the use of blockchain technology; 22 (iv) provide a description of the ad- 23 vantages or disadvantages of the wide- 24 VerDate Sep 11 2014 04:01 Jun 12, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 6938 IH spread adoption of blockchain technology; 1 and 2 (v) consider how blockchain tech- 3 nology may be used to— 4 (I) increase market competition 5 in each of the industry sectors identi- 6 fied under clause (i); 7 (II) increase individual’s data 8 privacy and enhance data security; 9 (III) better protect individual’s 10 identity; 11 (IV) better secure monetary 12 transactions; and 13 (V) any other use that may ben- 14 efit society. 15 (B) Conduct a survey of Federal activity 16 related to blockchain technology to— 17 (i) establish a comprehensive list of 18 Federal agencies asserting jurisdiction over 19 entities and industry sectors identified 20 under subparagraph (A)(i); 21 (ii) identify all interagency activities 22 related to blockchain technology; 23 (iii) develop a brief description of the 24 jurisdiction and expertise of the Federal 25 VerDate Sep 11 2014 04:01 Jun 12, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 6938 IH agencies as it relates to blockchain tech- 1 nology; and 2 (iv) identify each Federal rule, regula- 3 tion, guideline, policy, and other Federal 4 activity implemented by each Federal agen- 5 cy related to blockchain. 6 (C) Conduct an international survey of 7 other countries to establish a compendium at 8 least 10 and not more than 15 countries con- 9 sisting of each country’s national strategy on 10 blockchain technology to determine where the 11 United States ranks with respect to the adop- 12 tion of blockchain technology. 13 (D) Conduct a survey of the marketplace 14 and supply chain of blockchain to— 15 (i) assess the severity of risks posed 16 to such marketplace and supply chain; 17 (ii) review the ability of foreign gov- 18 ernments or third parties to exploit such 19 supply chain in a manner that raises risks 20 to the economic and national security of 21 the United States; and 22 (iii) identify emerging risks and long- 23 term trends in such marketplace and sup- 24 ply chain. 25 VerDate Sep 11 2014 04:01 Jun 12, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 6938 IH (b) REPORT TO CONGRESS.—Not later than 6 1 months after the completion of the study required pursu- 2 ant to subsection (a), the Secretary and the Commission, 3 in coordination with the head of any other appropriate 4 Federal agency, shall submit to the Committee on Energy 5 and Commerce of the House of Representatives and the 6 Committee on Commerce, Science, and Transportation of 7 the Senate a report that contains— 8 (1) the results of the study conducted under 9 subsection (a); and 10 (2) recommendations to— 11 (A) address any duplicative Federal rule, 12 regulation, guideline, and other Federal activity 13 acting as a barrier to the adoption of 14 blockchain technology; 15 (B) develop and implement a comprehen- 16 sive plan to promote the growth of the adoption 17 of blockchain technology; 18 (C) develop policies that States can adopt 19 to encourage the adoption of blockchain; 20 (D) develop a national strategy to advance 21 the position in the world of business sectors in 22 the United States on the adoption of blockchain 23 technology; 24 VerDate Sep 11 2014 19:52 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 6938 IH (E) develop strategies to mitigate current 1 and emerging risks to the marketplace and sup- 2 ply chain of blockchain; and 3 (F) develop legislation to accomplish such 4 recommendations. 5 Æ VerDate Sep 11 2014 04:01 Jun 12, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H6938.IH H6938 kjohnson on DSK79L0C42PROD with BILLS