A 1,547-page spending bill aimed at keeping the US government running through 2025 has been introduced, containing a notable initiative related to blockchain technology and the crypto industry.



US Blockchain Act Implementation: A New Step for Crypto



In an effort to avoid a government shutdown, the “Christmas Tree” bill not only includes spending measures but also incorporates the Deploying American Blockchains Act.


• The Act requires the U.S. Department of Commerce to support the development and use of blockchain technology, make policy recommendations, and establish a national advisory committee on blockchain.


• The committee will assess how federal agencies can adopt blockchain and tokenization to drive operational efficiency, as well as protect national security.



First passed by the House in May 2023, the bill is the result of bipartisan negotiations, according to Rep. Larry Bucshon (R-IN). He emphasized:



“Blockchain technology has the potential to drive innovation and economic growth. This is an important step in affirming America’s leadership in this field.”



The New Role of the Secretary of Commerce



If the bill passes, Howard Lutnick, CEO of Cantor Fitzgerald and President-elect Donald Trump's nominee for Secretary of Commerce, would play a key role in:


• Appoint advisory committee members: Including blockchain developers, cybersecurity experts, and artists.


• Policy advice to the president: Particularly on crypto and blockchain related issues.



Long-Term Effects of the Bill



The new blockchain commission will have a term of up to seven years, extending beyond the term of the President #Trump . Regular reports from the commission will recommend strategies for the US to compete globally in the crypto and blockchain space.



Challenges Ahead



However, the bill has still faced criticism from a number of influential figures, including Elon Musk, who called it too cumbersome and questioned its feasibility on social network X (Twitter).



Additionally, other important crypto-related measures that were passed previously, such as the crypto market structure or digital asset custody regulations, were not included this time due to vetoes by President Joe Biden.



Conclude



If passed before midnight Friday, the bill would not only help avoid a government shutdown but also open up new opportunities for the blockchain and crypto industries to grow in the U.S. But with ongoing controversy, the fate of this law remains a big question mark.