- Rep. Soto is a longtime blockchain advocate
- Two blockchain-related bills proposed by Sotto have received the House Committee on Energy and Commerce’s greenlight
- The Blockchain Innovation Acts goal is to establish a Blockchain Center of Excellence within the Department of Commerce
- The Digital Taxonomy Act is to combat unfair and deceptive practice surrounding digital tokens
Rep. Darren Soto, D-Fla., has announced that his 2020 reelection campaign is accepting cryptocurrency donations.
In a debate about blockchain Wednesday, Soto announced that cryptocurrency would be accepted as donations for his reelection campaign. Processed through the payment processor BitPay, the campaign would accept eight cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, Gemini Dollar, USD Coin, Paxos Standard, Binance USD and XRP. Once coursed through BitPay, the donated cryptocurrencies will be converted to U.S. dollars.
A longtime advocate of blockchain technology, Rep. Soto has sponsored a number of legislative proposals around it and advocated for the government to support the nascent industry.
On Thursday, two bills proposed by Rep. Sotto, the Digital Taxonomy Act and the Blockchain Innovation Act, were passed as amendments in the AI for Consumer Product Safety Act by the Committee on Energy and Commerce.
In a statement, the congressman said it is vital for the United States to maximize the benefits brought about by blockchain technology to speed up progress and give more opportunities to Americans.
The Blockchain Innovation Act’s goal is to establish a Blockchain Center of Excellence within the Department of Commerce (DOC). The DOC is also required to work with the Federal Trade Commission to study blockchain’s impact on commerce and its potential to reduce fraud by increasing security. The study is to be submitted as a report to Congress.
The study, the representative said, would give government agencies “a chance to make recommendations before any other bills could be passed with regulatory effect. These recommendations will perform an educational function to Members of Congress and will pave the way for more actionable blockchain-focused legislation.”
The Digital Taxonomy Act is more into combating unfair and deceptive practices surrounding digital tokens. He said the act adds greater jurisdictional clarity for a strong digital asset market in the United States.
“The amended version of the original bill highlights the importance of digital tokens and blockchain technology in driving innovation and consumer protection initiatives,” he said in the statement. He argued that regulators’ opinions would be an important step in establishing clarity that could bring about promoting innovation and maximizing the potential of virtual currencies for the U.S. economy.