The US House of Representatives unanimously approved a measure supporting blockchain technology. The measure assigns the US Commerce Secretary the responsibility of encouraging blockchain implementation and expanding the nation’s adoption of blockchain.
The bill gives the Secretary of Commerce to implement the necessary and suitable measures to boost American competitiveness and aids in the implementation, utilization, and advancement of blockchain technology or other distributed database technologies, among other uses.
Unveiling the American Blockchain Act
The Act of the 118th Congress covers distributed ledger technology across networks, network participants, and ledger cryptography. Sections involve the non-governmental representative, secretary of commerce, district of Columbia, and transferable digital representation of information recorded on blockchain technology and its process.
One section of the act states that the Secretary will serve as the President’s primary advisor for policy related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology, applications built on blockchain technology or other distributed ledger technology, tokens, and tokenization. The Secretary works under the leadership of technology in the Commerce Department.
Crypto Venture Capital Investment is Picking Up
While there has been a massive surge since last year, reports still show that global venture capital investment has been at its lowest in the previous five years. In the first three months of 2022, investment funding was over $10 billion. However, economic factors and major VC companies leaving the space caused the figure to drop drastically.
Concerning the fall, PitchBook analyst Robert Le said, “The recovery in publicly traded tokens and continued rise in institutional adoption will drive increased VC funding.” The U.S. Securities and Exchange Commission (SEC) finally approved a Bitcoin ETF in the States in January, granting the long-standing desire of U.S. Crypto investors.
However, a few days before the approval, an unknown threat actor attacked the U.S. SEC official X account and posted the alleged approval of Bitcoin ETF, which the authorities later debunked.
According to the PitchBook report, startups that intentionally provided infrastructure for crypto and blockchain technology dominated funding during the quarter. Notable among them are the Ethereum-based protocol EigenLayer and the open-source cryptography company Zama.
