EDITOR NOTE: Judging from the current state of digital currency debates, the “culture of crypto” has moved far beyond its original starting point--far enough, arguably, to move against its initial impetus toward monetary de-regulation, away from government intervention, against centralization. Yet the Digital Taxonomy Act and Blockchain Innovation Act, soon to be debated in the House of Representatives, promises to upend the rationale that founded cryptos in the first place. Consumers apparently want to trade their freedoms for safety. And besides, massive crypto adoption without regulation may not be possible, at least in the near future. You can’t have the kind of unfettered monetary freedom that the original crypto developers sought without the “Wild West” risks that come with it. A simpler way to achieve this goal: gold and silver.
The Consumer Safety Technology Act now incorporates the Digital Taxonomy Act and Blockchain Innovation Act – and is set to be debated in the House of Representatives.
Introduced by Rep. Jerry McNerney of California and Michael Burgess of Texas, the Consumer Safety Technology Act, which is the recently amended version of the AI for Consumer Product Safety Act, will mandate that the Consumer Product Safety Commission utilize artificial intelligence in tracking and identifying consumer product-related injuries and hazards. It will also use AI to screen the sale of products that have been recalled and label imported products that are deemed unsafe.
After passing through the US Committee on Energy and Commerce on September 9th, the Consumer Safety Technology Act will also incorporate two separate blockchain-related bills, both sponsored by Florida Rep. Darren Soto.
H.R. 2154, the Digital Taxonomy Act, appropriates a $25 million budget to the Federal Trade Commission (FTC) each year from 2020 – 2024 for preventing fraudulent practices in digital transactions.
“To authorize additional appropriations to the Federal Trade Commission to prevent unfair or deceptive acts or practices relating to digital tokens and transactions relating to digital tokens, and to require a report to Congress on the Commission’s actions related to digital tokens.”
Introduced on September 1st, the H.R. 8153, the Blockchain Innovation Act will require the FTC to conduct studies on current trends and applications of blockchain technology in commerce and consumer fraud protection.
“The Secretary of Commerce, in consultation with the Federal Trade Commission, and in consultation with any other appropriate Federal agency the Secretary determines appropriate, shall conduct a study on current and potential use of blockchain technology in commerce and the potential benefits of blockchain technology for limiting fraud and other unfair and deceptive acts and practices.”
The Consumer Safety Technology Act is just one of the consumer protection bills that have been advanced to the House of Representatives. The bill aims to fight the growing trend of fraud and scams that are targeting vulnerable people who have already been deeply affected by the pandemic, Energy and Commerce Committee chairman Frank Pallone, Jr. says in a statement.
“These are good, bipartisan pieces of legislation that will curtail the number of scams perpetrated each day, protect our senior citizens and strengthen accountability. Other bills will enhance product safety, advance new consumer protection technologies and make huge strides in protecting racehorses and jockeys.”
Originally posted on The Daily Hodl