Legislation

 
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The Congressional Blockchain Caucus was founded in the 114th Congress and is enjoying significant growth and an ever-expanding focus. The Caucus is a platform for industry and government to come together to study and understand the implications of blockchain technology.

 

Federal Action

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The bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the United States.

The bill also seeks to answer the ongoing debate of whether crypto tokens are securities or commodities.

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As of 01/04/2021 text has not been received for H.R.9067 - To establish an office within the Department of Commerce to coordinate all non-defense related deployment and activities related to blockchain technology within the Federal Government. 

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H.R. 2144

This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600, retroactive to January 1, 2017.

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This bill requires various agencies to explore the use of emerging technologies in the context of consumer products and safety. The Department of Commerce must consult with the Federal Trade Commission (FTC) and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.

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This bill requires the Department of Commerce to consult with the Federal Trade Commission and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.

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This bill requires the Federal Trade Commission to develop a plan for preventing unfair or deceptive practices relating to transactions involving digital tokens, including any recommendations for further action by Congress. Digital tokens include digital currency or cryptocurrency.

 

PA State Action

REGULAR SESSION 2021-2022

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An Act allowing for a waiver for innovative financial products or services; providing for duties of the Secretary of the Department of Banking and Securities and the Secretary of the Commonwealth; and establishing the Pennsylvania Economic Growth and State Utility Account.

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HR 121 is a resolution that would establish a blockchain working group tasked to create a master plan for the growth of the blockchain industry in Pennsylvania, including developing appropriate recommendations for new laws and regulations.

 

National Legislative Tracking

State by State

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Updated 7/2020

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2021