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I
116TH CONGRESS
2D SESSION
H. R. 8153
To direct the Secretary of Commerce, in consultation with the Federal Trade
Commission, to conduct a study and submit to Congress a report on
the state of the blockchain technology and use in consumer protection,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 1, 2020
Mr. SOTO (for himself, Mr. GUTHRIE, and Ms. MATSUI) introduced the
following bill; which was referred to the Committee on Energy and Commerce
A BILL
To direct the Secretary of Commerce, in consultation with
the Federal Trade Commission, to conduct a study and
submit to Congress a report on the state of the
blockchain technology and use in consumer protection,
and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SEC. 1. SHORT TITLE.
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This Act may be cited as the ‘‘Blockchain Innovation
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Act’’.
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•HR 8153 IH
SEC. 2. STUDY ON BLOCKCHAIN TECHNOLOGY AND ITS USE
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IN CONSUMER PROTECTION.
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(a) IN GENERAL.—
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(1) STUDY
REQUIRED.—Not later than one
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year after the date of enactment of this Act, the
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Secretary of Commerce, in consultation with the
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Federal Trade Commission, and in consultation with
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any other appropriate Federal agency the Secretary
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determines appropriate, shall conduct a study on
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current and potential use of blockchain technology in
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commerce and the potential benefits of blockchain
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technology for limiting fraud and other unfair and
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deceptive acts and practices.
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(2) REQUIREMENTS
FOR
STUDY.—In con-
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ducting the study, the Secretary shall examine—
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(A) trends in the commercial use of and
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investment in blockchain technology;
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(B) best practices in facilitating public-pri-
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vate partnerships in blockchain technology;
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(C)
potential
benefits
and
risks
of
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blockchain technology for consumer protection;
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(D) how blockchain technology can be used
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by industry and consumers to reduce fraud and
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increase the security of commercial trans-
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actions;
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•HR 8153 IH
(E)
areas
in
Federal
regulation
of
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blockchain technology where greater clarity
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would encourage domestic innovation; and
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(F) any other relevant observations or rec-
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ommendations related to blockchain technology
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and consumer protection.
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(3) PUBLIC COMMENT.—In producing the study
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required in subsection (a)(2), the Secretary shall
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provide opportunity for public comment and advice
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relevant to the production of the study.
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(b) REPORT
TO
CONGRESS.—Not later than 6
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months after the completion of the study required pursu-
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ant to subsection (a), the Secretary shall submit to the
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Committee on Energy and Commerce of the House of
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Representatives and the Committee on Commerce,
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Science, and Transportation of the Senate, and make pub-
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licly available on the website of the Department of Com-
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merce, a report that contains the results of the study con-
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ducted under subsection (a).
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Æ
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