A stopgap bill packed with various additions aimed at averting a government shutdown has been unveiled by congressional leaders. This bill, which is 1,547 pages long, includes the Deploying American Blockchains Act, a new crypto-related initiative. The bill requires the Department of Commerce to support the use of blockchain technology and establish definitions for key terms. It also calls for the Department’s secretary to advise the president on crypto-related matters and creates a National Blockchain Deployment Advisory Committee.
The inclusion of the Deploying American Blockchains Act in the stopgap funding bill is the result of bipartisan negotiations, according to Rep. Larry Buchson. The bill aims to drive innovation and economic growth by positioning the United States as a leader in the development and deployment of blockchain technologies. The National Blockchain Deployment Advisory Committee is tasked with assessing how federal agencies could benefit from blockchain technology and promoting national security through the use of blockchain. If passed, the bill would grant the newly appointed Commerce Secretary, Howard Lutnick, the authority to appoint members to the advisory committee.
President-elect Donald Trump’s choice for Commerce Secretary, Howard Lutnick, could play a key role in promoting the use of crypto-related technologies in the U.S. if confirmed by the Senate. The bill gives Lutnick the power to appoint members to the advisory committee, which will consist of government employees, developers, cybersecurity experts, and artists. The advisory committee could outlive Trump’s term, with a shelf life of seven years. However, the bill does not include other crypto legislation passed earlier this year, such as a market structure bill and a repeal of regulatory guidance on banks’ custody of digital assets.
Lawmakers in the House of Representatives and Senate must pass the bill before midnight on Friday to avoid a partial government shutdown. Tech CEO Elon Musk has already criticized the lengthy bill, calling it a “piece of pork” in a tweet. It is uncertain what the final deal will look like, with influential members of the president-elect’s inner circle expressing concern about the bill’s contents. The bill aims to keep the government funded through March 14, 2025, and includes a wide range of provisions beyond the crypto-related initiatives.
Overall, the stopgap bill represents a comprehensive effort to keep the government running and address various issues, including promoting the use of blockchain technology in the U.S. The bill’s inclusion of the Deploying American Blockchains Act highlights the growing interest in and importance of crypto-related technologies in government policy. The National Blockchain Deployment Advisory Committee, if established, could play a crucial role in shaping the U.S.’s approach to blockchain and tokenization. As the bill awaits passage by lawmakers, its impact on the future of crypto regulation and innovation remains to be seen.