The updated Consumer Safety Technology Act, which now includes the Digital Classification Act and the Blockchain Innovation Act, passed the House of Representatives and is now on its way to the Senate this afternoon.
The Digital Classification Act defines the terms “digital asset” and “digital element” and challenges the Federal Trade Commission to prevent unfair trading practices in either case. The Blockchain Innovation Act will require the Federal Trade Commission to report on the role of the blockchain in protecting consumers.
On the news, the author of the two bills, Congressman Darren Soto (Democrat from Florida), said: “As legislators, it is our responsibility to ensure that the United States continues to be a leader in blockchain technology.”
Soto’s bills left the Energy and Trade Commission earlier this month. They are leaving the House of Representatives with a law from Representative Jerry McNerney (California) requiring the use of AI in consumer safety audits.