Blockchain

On December 31, 2020, a bill was submitted that proposed to create a coordination office that would facilitate federal authorities in using blockchain technology. The bill proposed for the launch of the coordination office is dubbed as H.R.9067. If the bill is passed and a coordination office is launched, it will facilitate federal applications in integrating blockchain technology.

The bill has been sponsored by Rep. Darren Soto, who is from the Democrat party. Rep. Darren Soto is known for representing the 9th district of Florida. In the bill, it has been proposed that an office is to be established within the Department of Commerce.

The office will be responsible for coordinating all activities and defense-related deployments into the blockchain networks that will be governed by the Federal Government.

The bill proposed by Rep. Darren Soto was sent over to the House Committee on Energy and Commerce.

At present, there have not been many details or information shared around the text of the bill. However, the bill does hint as to what kind of policies and applications the coordination office will be expected to focus on. The coordination office will be responsible for making sure that the projects are executed with complete accuracy.

In recent months, Rep. Darren Soto has emerged as the proponent of the cryptocurrency industry. He has been sharing a lot of positive feedback about the cryptocurrency industry and has been supporting it wherever possible.

In the past year, Soto has run many campaigns for donations, which were based on the blockchain networks. He accepted all the donations through numerous cryptocurrencies, which shows that he has been a huge supporter of the cryptocurrencies.

By proposing this letter at the House Committee, Soto has put the first building block towards a positive relationship between the U.S. regulators and the cryptocurrency industry. If the proposal is accepted, it would mean that the regulators from the United States are now looking forward to re-construct their relationships with the crypto-industry.

At present, the major problem is that the United States regulators are reluctant in adopting cryptocurrency technology. This is the reason why the United States’ regulators are not realizing the importance of having cryptocurrency and blockchain technology onboard.

With the creation of the coordination office, blockchain technology will be able to prove its worth to the Federal Government.

Soto stated that he can see that the blockchain technology will soon be utilized by the Government of the United States of America. If not now, then it will definitely be making its worth known in the next electoral cycles. In the bill H.R.9067 proposed by Soto, it has been suggested that the bill will lead to the fastest implementation and adoption of blockchain technologies.

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