Blockchain Proposals Forwarded by U.S. Lawmakers to Congress
The U.S. lawmakers have put forward two new blockchain proposals. They aim to add blockchain issues to new consumer protection legislation.
Recently, the House of Committee on Energy and Commerce backed a motion incorporating elements of the Digital Taxonomy Act and the Blockchain Innovation Act into new legislation. And this would all be part of the upcoming Consumer Safety Technology Act.
The said move provides blockchain technology a legal parity in the act alongside artificial intelligence. With that, it makes obligations for the Federal Trade Commission and the Department of Commerce to examine and diminish future potential consumer risks.
Particularly, the law would seek to determine and tackle deceptive particles in digital currency. And these include the sale of misleading or valueless digital tokens.
According to representative Darren Soto (D-Fla.), the bill would lead to a new Blockchain Center for Excellence within the Department of Commerce.
He said, “I believe our government needs to support that growth.”
Soto thinks it would build light-touch regulations to secure certainty, protect innovation, halt fraud, and allow its appropriate use for government, business, and consumers.
As of its progress, the bill is the furthest any blockchain legislation has reached so far in the U.S. Congress.
In addition to that, it follows on from remarks by the government antitrust boss. He stated that blockchain technology might be the solution in preventing new market monopolies from forming in the future.
The bill reveals an increasing awareness and respect for blockchain technology and digital currency in Washington. If the law passed as proposed, it could fuel further legislation in the U.S. Thus, leading to a more defined legal framework for digital currency and blockchain firms in the future.
BSN Supports DAML Smart Contract Language
Elsewhere, the largest blockchain infrastructure initiative in China, the Blockchain Services Network (BSN), has a unified smart contract programming language.
Red Date Technology is a major tech firm involved in the development of BSN. And now, it would add support for DAML, a smart contract language developed by Digital Asset, an American blockchain startup.
Moreover, in an announcement on September 14, the companies’ executives noted that DAML would be the exclusive standard for developing decentralized applications or DApps on top of the BSN.
Aside from that, the integration would let the interoperability of DApps regardless of the imposed blockchain network. Thus, developers don’t have to rewrite their smart contracts every time they develop a particular BSN application to a new platform based on another blockchain.
In the announcement, Red Date Technology and Digital Asset want to finish the first DAML pilot on the BSN by November 2020. In fact, the said pilot would include deploying a DAML application interoperating two blockchains – IBM’s Hyperledger Fabric and WeBank’s FISCO BCOS.
Then, the application will continue to integrate into the core BSN architecture, according to the representatives. After the pilot, there would be an anticipated general availability for developers building with DAML and BSN.
As Yifan He, Red Date Technology CEO, explained, DAML will be the BSN’s exclusive smart contract language.
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