This week, members of Congress from the Sunshine State, led by the United States Rep. Michael WaltzR-Fla., Claimed the “National Research and Development Strategy for Distributed Ledger Technology Act. “
Waltz presented the proposal with the support of the United States Rep. Byron DonaldsR-Fla., E Darren Soto, D-Fla. Other supporters include the United States Rep. Josh GottheimerD-NJ and Eric SwalwellD-Calif.
The bill “requires the federal government to coordinate research and development efforts on distributed ledger technologies (DLT) and their applications,” and Waltz’s office offered some details.
“Distributed accounting technology (DLT), which includes the more commonly known blockchain technology, is widely known as the fundamental technology that enables cryptocurrencies and other digital assets such as non-fungible tokens (NFTs), “Waltz’s office noted. ‘use of DLT also includes supply chain transparency, digital identity, information management and more. DLT applications could strengthen people’s ownership of their data, improve the quality and security of services online and simplify regulatory compliance for businesses.
“DLT is also one of the main areas of technological interest cited in the approved Chamber America COMPETES reads and the Senate passed U.S. Innovation and Competition Law (USICA), who are currently at a conference to resolve the differences, ”Waltz’s office added. “In particular, the National R&D Strategy for Distributed Ledger Technology Act of 2022 would be: require the Policy Office of Science and Technology (OSTP) to, in coordination with other relevant federal agencies, develop a national research and development strategy for DLT and its practical applications; require the National Science Foundation (NSF) to continue to support research on DLT and its applications, with particular attention to several areas that are under-invested by the private sector “and” require the National Institute of Standards and Technology (NIST) to engage in an applied research project to study and demonstrate the potential benefits of DLT ”.
Waltz and other backers weighed on the bill this week.
“Other nations, including our adversaries, have recognized how critical it is to invest in the development of distributed ledger (DLT) technologies for the future,” said Waltz. “In fact, the Communist Party of China built the Blockchain service network as part of its ambition to establish a “digital silk road”. The United States, on the other hand, lags behind. To maintain our leadership and competitiveness on the world stage, we need to invest in DLT research and development here at home. This bicameral and bipartisan legislation will help bridge the gap in current federal science policy, invest in our future and promote responsible innovation across the country. “
“It is essential that the United States continue to be a global leader in these emerging technologies to ensure that our democratic values remain at the forefront of this technological development,” Soto said. “By developing an appropriate strategy and supporting research, we are incentivising innovation and improving access.”
“Washington bureaucrats have intentionally stopped ingenuity for decades, now is the time to promote policies that advance American technology,” Donalds said. “Through an increase in blockchain technology research across a broad spectrum of applications, we can increase efficiency, simplify development and reduce costly regulatory waste. This legislation empowers and encourages leading innovators to develop and cultivate a revolutionary technology here in the United States. “
The bill was sent to the United States House Committee on Science, Space and Technology.
WE Senator Roger WickerR-Miss., Is supporting the bill in the United States Senate. The sensual American Marsha BlackburnR-Tennen., Bill CassidyR-La., Cinzia LummisR-Wy., E Gary Peters, D-Mich., Are co-sponsoring the bill. Wicker’s bill was sent to the United States Trade, Science and Transportation Commission of the Senate who supported him at the end of May.