Connect with us

Hi, what are you looking for?

Business

Darren Soto Gets Two Blockchain Proposals Through the House

Soto was able to get his “Digital Taxonomy Act” and his “Blockchain Innovation Act” rolled into U.S. Rep. Jerry McNerney’s, D-Calif., “Consumer Safety Technology Act.”

Share Story Via Text or E-Mail

This week, U.S. Rep. Darren Soto, D-Fla., was once again able to get two of his proposals on blockchain technology through the U.S. House.

Soto was able to get his “Digital Taxonomy Act” and his “Blockchain Innovation Act” rolled into U.S. Rep. Jerry McNerney’s, D-Calif., “Consumer Safety Technology Act.”

Soto took to the House floor to weigh in on his proposals this week.

“Emerging technologies like artificial intelligence, blockchain technologies, and cryptocurrency are playing a growing importance in our daily lives and are going to be an economic driver for the 21st century economy…” Soto said on the House floor. “It’s essential that the United States continue to be a global leader in these emerging technologies to ensure our democratic values remain at the forefront of this technological development… Also, as a responsible global leader, the United States must strike the appropriate balance of providing an environment that fosters innovation while ensuring appropriate consumer protection.”

In April 2019 with the backing of U.S. Rep. Warren Davidson, R-Ohio,  Soto introduced the “Digital Taxonomy Act” which would have the U.S. Department of Commerce and the Federal Trade Commission (FTC) study the “state of blockchain technology in commerce, including its use to reduce fraud and increase security.” Soto hopes to eventually include a Blockchain Center of Excellence in the Commerce Department.

“When we look at market volatility, the use of cryptocurrency for ransomware, and recent attacks like the Colonial Pipeline and tax evasion, it’s critical that we get on the front end of this,” said Soto on the House floor about the proposal.

Soto had the support of U.S. Rep. Brett Guthrie, R-Ky., on the “Blockchain Innovation Act.” The proposal would have the FTC report to Congress with recommendations “on unfair and deceptive acts or practices relating to digital tokens.”

“This is a first step towards our long-term goal of setting up a Blockchain Center of Excellence in the Department of Commerce,” said Soto on the House floor.

Still, Soto has been in this position before, rolling his bills into a larger proposal in October 2020 that did not see the finish line. In the meantime, Soto is hoping to use another vehicle to create a Blockchain Center of Excellence in the Commerce Department. At the end of last month, he brought back his “Blockchain Technology Coordination Act (BTCA)” to create the center.

“The office would oversee all non-defense-related deployment and activities related to blockchain technology within the federal government,” the congressman’s office noted.

“In order to ensure that the U.S. does not fall behind on research and development, we must embrace blockchain technology and explore all of the ways in which it can help our nation grow,” said Soto at the end of May. “The creation of a Blockchain Center of Excellence within the U.S. Department of Commerce would encourage innovation and put us ahead of the curve as the global community continues to make quick progress in this space.”

First elected to Congress in 2016 after serving in both chambers of the Florida Legislature, Soto has been active on technology issues during his two terms on Capitol Hill. He co-chairs the New Democrat Coalition’s Technology Task Force and is a co-chair of the Congressional Blockchain Caucus. He is also part of the Democratic leadership as an assistant regional whip.

 

Reach Kevin Derby at kevin.derby@floridadaily.com.

 

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

    View all posts
Share Story Via Text or E-Mail
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Us on Social Media

Ed Dean: Publisher

 

Ed Dean is a leading radio and news media personality including hosting the #1 statewide radio talk show in Florida. Contact Ed.Dean@FloridaDaily.com

Article Archives

Related Stories

Most Recent

Below is a statement from the office of Florida’s U.S. Senators, Sen. Marco Rubio and Sen. Rick Scott, regarding the U.S. Army Corps of...

Most Recent

Last week, U.S. Rep. Darren Soto, D-Fla., applauded the decision by the U.S. Department of Defense to award Osceola County a five-year Cornerstone award...

Economy

This week, the National Republican Congressional Committee (NRCC) launched billboards and digital ads targeting more than 20 Democrats in the U.S. House, including U.S....

Military

Last week, U.S. Rep. Darren Soto, D-Fla., showcased his proposal to “require the Secretary of Commerce to establish a grant program that facilitates the...

Business

This week, U.S. Reps. Neal Dunn, R-Fla., and Darren Soto, D-Fla., showcased a letter they sent to U.S. Commerce Sec. Gina Raimondo about red...

Agriculture

Last week, the Florida congressional delegation held a meeting focused on agriculture and the Farm Bill. The delegation is led by U.S. Reps. Vern...

Business

This week, the U.S. House passed U.S. Rep. Darren Soto’s, D-Fla., “Leveraging American Understanding of Next-Generation Challenges Exploring Space (LAUNCHES) Act.” According to Soto’s...

Communications

This week, U.S. Rep. Darren Soto, D-Fla., brought out the “Consumer Safety Technology Act.” The bill will “direct the Consumer Product Safety Commission to...