The purpose of the draft Law “Security for the Consumer of Technology” in the US is to protect cryptocurrency and Bitcoin users from the possibility of attacks, scams, in addition to providing tools that facilitate Blockchain innovation. This project has already been approved in the House of Representatives and will now go to discussion in the Senate of the US Congress.
This bill also includes different acts related to the taxonomy that is related to digital tokens and what concerns the technological innovation of the blockchain. It is expected that the Senate will have the necessary acceptance and a “green light” for this bill. If the proposal is approved, studies will be carried out concerning the improvement of the incipient cryptographic industry.
Protection against scams
In essence, the project seeks the protection of users against possible Bitcoin and cryptocurrency scams, in such a way that the Federal Trade Commission of the United States must train staff, listen to regulators and specialists, as well as allocate the necessary resources for the identification and protection of users and citizens in general, against illicit or deceptive practices in which digital tokens are involved.
The rationale is based on the possibility that the use of tokens and digital currencies will increase in the future in the US (and everything related to Blockchain technology), in this sense the Federal Trade Commission has the responsibility to protect consumers, with this project the step is taken for this since it seeks to provide a strong legal framework to the digital asset market.
Blockchain Industry Leader
For the US to lead the blockchain industry, it must be aware of its importance and the many possibilities they offer, for this reason, they will seek to facilitate public-private partnerships, and there will be coincidences that the regulatory framework will incentivize Blockchain innovation.
It is estimated that in a year approx. (after the law is enacted), a study should be conducted on the current and future use of blockchain technology in commerce. The legislator who proposes the Law, affirms that it is a duty to ensure that the U.S.A. leads the blockchain industry, and for this, it is required that the project has the support of the government, such an end would be achieved through a regulation that allows protecting innovation, at the same time that it has the ability to end fraud and allow that states, companies, and users take advantage of the benefits of blockchain technology.
This would be a starting point aimed at providing government agencies with the opportunity to make recommendations before a bill with regulatory effect on the use of this technology is passed, which is destined to be the future. It remains to wait for the final decision regarding this new Law, which could mark a before and after in the use of cryptocurrencies in the United States, which provides a greater opportunity to bet on the use of the Blockchain ecosystem.
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