The Blockchain Innovation Act gets approved in the US Congress.
The House of Representatives in the USA (American Congress, lower-house/chamber parliament with proportional representation of the US-states) has recently approved the Blockchain Innovation Act and the Digital Taxonomy Act. The proposal is that these acts are to be integrated into the existing Consumer Safety Technology Act. The proposal for an updated CST-act also includes aspects as using artificial intelligence concerning aspects as consumer behaviours.
The next step is that both acts are approved by The Senate (upper-house/chamber) while the US President would approve the last step. Both acts have been created with references to consumer safety, digital assets, prevention of scams and criminal projects.
Among ideas behind the Digital Taxonomy Act is to provide definitions to terms in the blockchain sector, such as “digital asset” and “digital unit”. At the same time, the Blockchain Innovation Act also proposes that the Federal Trade Commission (FTC) will be tasked with “stopping unfair trades in both digital assets and digital units”. Also, the ideas are that the FTC will report on how the technology would be used to improve several areas of the public and private sectors.