The US House of Representatives has given the green light to the Financial Innovation and Technology for the 21st Century (FIT21) Act Deploying American Blockchains Act of 2023, with a substantial majority of 334 votes in favor and 79 against. This bipartisan legislation, spearheaded by Representatives Lisa Blunt Rochester and Larry Bucshon, aims to elevate the United States' role in blockchain technology, positioning the country as a leader in this innovative field.

The FIT21 Act seeks to bolster the nation's competitiveness in blockchain technology by empowering Commerce Secretary Gina Raimondo to champion the adoption of blockchain technology, collaborate with the President on blockchain policies, and establish an advisory board tasked with delivering annual reports to Congress. This legislative initiative underscores the government's commitment to fostering innovation, driving economic growth, and ensuring the United States remains at the forefront of technological advancements.

The bill received unanimous approval from the House Committee on Energy and Commerce on December 5, garnering support from key industry organizations such as the Chamber of Digital Commerce and the Blockchain Association. While the legislation enjoyed broad backing, it faced opposition from critics of cryptocurrencies, including Sean Casten, Bill Foster, and Brad Sherman. These dissenting voices proposed the Blockchain Integrity Act, which aimed to impose a two-year ban on crypto mixing services, but this alternative measure did not secure enough support to pass through a vote.

In a comprehensive legislative session 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, forwarding them to the Senate for further review and deliberation. The approval of the Deploying American Blockchains Act signifies a significant stride for the United States in fortifying its position in blockchain technology, fostering an environment conducive to innovation, and enhancing its competitive edge in the dynamic and rapidly evolving blockchain sector.

The passage of the FIT21 Act underscores the government's recognition of the transformative potential of blockchain technology and its commitment to harnessing this innovation for the benefit of the nation. By empowering key stakeholders to drive blockchain adoption, collaborate on policy development, and provide strategic guidance, the United States is poised to leverage blockchain technology to enhance efficiency, transparency, and security across various sectors of the economy.

As the United States positions itself as a global leader in blockchain technology, the FIT21 Act sets the stage for a new era of technological advancement, paving the way for increased investment, innovation, and collaboration in the blockchain ecosystem. By embracing blockchain technology and fostering a supportive regulatory environment, the United States is laying the foundation for sustained growth, competitiveness, and leadership in the digital economy of the 21st century.