The US House of Representatives has given its approval to the Financial Innovation and Technology for the 21st Century (FIT21) Act Deploying American Blockchains Act of 2023, with a significant majority of 334 votes in favor and 79 against.

This bipartisan legislation, aimed at boosting the United States' standing in blockchain technology, was introduced by Representatives Lisa Blunt Rochester and Larry Bucshon. It seeks to enhance the country's competitiveness in the field of blockchain technology.

Under this legislation, Commerce Secretary Gina Raimondo is tasked with promoting the use of blockchain technology, collaborating with the President on blockchain policies, and establishing an advisory board to provide annual reports to Congress.

The bill received unanimous approval from the House Committee on Energy and Commerce on December 5 and garnered support from industry bodies such as the Chamber of Digital Commerce and the Blockchain Association.

Despite its overall support, the bill faced opposition from critics of cryptocurrencies like Sean Casten, Bill Foster, and Brad Sherman. These individuals had put forward the Blockchain Integrity Act, which aimed to ban crypto mixing services for a period of two years, but this proposal did not pass through a vote.

On May 15, the House also passed the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act, alongside approximately 50 other bills related to cryptocurrencies, sending them to the Senate for further consideration.

The approval of the Deploying American Blockchains Act marks a significant advancement for the United States in strengthening its position in blockchain technology, fostering innovation, and enhancing competitiveness in this rapidly evolving sector.