U.S. lawmakers are proposing new legislation that addresses blockchain. Congressman Brett Guthrie has called on the Federal Trade Commission (FTC) and the Secretary of Commerce to launch a survey that will examine the uses and adoption status of this new technology in the United States and around the world. Blockchain in the US Added to this was a bill, the "Advancing Blockchain Act," which was also introduced on Tuesday by Congressman Brett Guthrie. If the legislation is approved, the FTC and other relevant federal agencies will conduct a special study of industries, as well as public and private entities that use and develop blockchain technology, establishing, as it were, a path for designing a national strategy for the new technology. The study will also examine the advantages and disadvantages of widespread adoption of the technology in the United States, as well as identify blockchain-related jurisdictions and federal agencies' roles in the process. Adoption in the U.S. and Internationally The project also aims to review how the U.S. compares to other countries in terms of blockchain adoption and development. In particular, it is looking at China, which is investing quite heavily in this market space. President Xi Jinping himself has previously announced his country's national blockchain strategy and has also expressed that efforts are needed to make this one used to settle transactions and streamline complex procedures across a wide range of industries. The congressman's bill proposes an international survey that will become the basis for a detailed blockchain strategy. The problem in the U.S. The US has a bit of a problem when it comes to cryptocurrency and blockchain adoption. It has come to the point that even politician Andrew Yang, who was trying to become the Democratic Party candidate in the presidential race, wrote an open letter regarding the new technology. He pointed out a significant problem. Today, regulation of this new market in the United States is, as he put it, "patchwork." In other words, each state has its own blockchain regulations. This, in a way, discourages startups from this market to open their headquarters in the US. According to Yang, this leads blockchain experts to direct their steps towards Asia or Europe. Tags Andrew Yang Blockchain blockchain usa
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