Later today, the United States House of Representatives is expected to vote on the bipartisan Infrastructure Investment and Jobs Act of 2021, a bill authorizing sweeping investments in domains such as passenger rail, bridge repair, clean and wastewater facilities, clean energy transmission, and universal access to high-speed internet. Also tucked into the massive bill are several provisions that would directly affect millions of crypto users if enacted, particularly the expanded tax reporting requirements for entities handling cryptocurrency transactions. Neither the bill becoming law nor even the Sept. 30 House vote on the bill is warranted. The legislation is working through …

A bill to establish a crypto task force in Pennsylvania has been introduced in the state’s General Assembly. According to the details of HB1724 published by LegiScan, the proposed crypto task force will be mandated to examine the potential impact of widespread crypto and digital currency adoption in the state. A moderately partisan bill introduced by eight Democratic and two Republican members of the General Assembly, the proposed legislation, if passed, will be known as the “Digital Currency Task Force Act.” Introduced back on July 19, the bill has been referred to the Committee on Commerce. Outlining the duties of …

U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law. Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract asset.” According to the release, this bill would provide a …

The United States House of Representatives on Tuesday passed H.R. 1602 — the Eliminate Barriers to Innovation Act — introduced by Rep. Patrick McHenry (R-NC). H.R. 1602 was among six bipartisan financial services-related bills passed by the House on Tuesday, with the McHenry-sponsored legislation focusing on regulatory clarity for cryptocurrencies. Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the United States. The bill also seeks to answer the ongoing debate of whether crypto tokens are securities or …

The Electronic Frontier Foundation (EFF) is attempting to alert the public to a bill that seeks to end the encryption of online messages and prevent it from being enacted by the United States Congress. The so-called EARN IT bill proposes that digital messages should first pass through government-approved scanning software in order to monitor for malicious criminal activity. The bill is sponsored by Senators Lindsey Graham and Richard Blumenthal. Blockchain as a measure against government surveillance The bill’s disregard for privacy presents an open-ended use case for technology like blockchain. By offering transparency and traceability alongside security, blockchain-based communications may …

Two state representatives in Rhode Island introduced a new bill promoting blockchain and technology adoption in the state. Rhode Island representatives David Place and Blake Filippi introduced a new bill on March 11 known as the “Rhode Island Economic Growth Blockchain Act.” The motion aims to provide green pastures for blockchain innovation growth, ensuring Rhode Island’s ability to keep up with the times. The bill’s new regulation The new proposal aims to give blockchain regulatory parameters within Rhode Island. The bill reads: “The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer …

State Representative Dennis Powers introduced a new bill into Tennessee’s state legislature on March 3 spurring the study of blockchain technology. The bill asks the Tennessee Department of Financial Institutions to dive into research on blockchain and applications for “related technology” in finance and propose changes to any regulations standing in the way of the technology’s progress. The bill lists blockchain’s advantages The document describes blockchain as a ledger capable of documenting financial actions, housed at multiple different points, with each action submitted to all ledger locations for accuracy. In short — a distributed online ledger, each with a copy …

Oklahoma senator Nathan Dahm wrote a new bill for his state which looks to build a state-backed innovative financial institution around blockchain technology, establishing a new classification of institutions. “I’ve always been interested in cryptos since bitcoin first came out but once I heard what Wyoming (especially Rep Tyler Lindholm) was doing I decided to pursue something in Oklahoma,” Senator Dahm told Cointelegraph in a Jan. 17 email, responding to a question on what sparked his interest in such a bill. Dated Jan. 15, 2020, the bill noted that the state-chartered financial institution will be “the central depository for virtual …

New York lawmakers proposed a bill on a peer-to-peer (P2P) savings and payment platform called the “New York Inclusive Value Ledger.” Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the “empire state inclusive value ledger establishment and administration act” that would create a system of wallets for payments by state entities and residents. According to public records, the bill was proposed in the State Assembly and the State Senate on Oct. 23, 2019, but New York State’s legislative session only reopened on Wednesday Jan. 8. Kim says that implementing …

China’s Zhejiang province has processed nearly $6 billion via a blockchain medical billing platform using Ant Financial’s blockchain technology, Chinese publication QNSB reports on Nov. 18. Successfully piloted in 2018, the blockchain-enabled platform allows citizens to make doctor’s appointments, get prescriptions as well as pay, record and store their medical bills online. At a local blockchain event on Nov. 18, the Zhejiang Provincial Department of Finance announced that the platform had 480 medical institutions across the province as of Oct. 28. The officials said that the platform processed 41.7 billion Chinese yuan ($5.9 billion) as of October. The platform is …

Two new bills focusing on cryptocurrency market manipulation aim to “position the United States to be a leader in the cryptocurrency industry,” their sponsors claimed Dec. 6. The bills, dubbed “The Virtual Currency Consumer Protection Act of 2018” and “The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” will go before the House of Representatives having been compiled in mid-November. A bipartisan effort, their authors, congressmen Darren Soto and Ted Budd, said they wish to “provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.” “Virtual currencies and the underlying blockchain …

Malta approved three distributed ledger technology and crypto-related bills in their second reading in Parliament yesterday, June 26, according to legislative records from the plenary session. The approved bills include the Innovative Technology Arrangements and Services Bill, the Virtual Financial Assets Bill, and the Malta Digital Innovation Authority Bill. The first two bills provide for the regulation of digital ledger technologies – of which blockchain is one type – and virtual financial assets in Malta under the supervision of the Malta Digital Innovation Authority. The Malta Digital Innovation Authority Bill establishes the organization with the goal to “promote consistent principles …