The United States Congress has passed the “American Competitiveness Of A More Productive Emerging Tech Economy Act” (American COMPETE Act) into law. With the bill’s passage, the United States is now an aggressive competitor against China for the blockchain race.
The bill was introduced by Congressman Bobby Rush and Congresswoman Cathy McMorris on September 1. The billl was then approved during a House Energy and Commerce Committee hearing on September 9, making it the fastest bill involving blockchain to be signed into law.
The new law passed on September 29, requires the Commerce and Federal Trade Commission to make four key recommendations to Congress including how to accelerate the development of blockchain in the U.S.
The commission will also come up with a national strategy to advance the US business sector’s global position. Additionally, the organ will offer advice on how to secure the marketplace and supply chain of blockchain from foreign actors. Lastly, the commission should provide recommendations on legislation that could promote faster adoption of blockchain technology.
According to the bill, it has been simplified to reduce regulatory barriers that could prevent American development and deployment of these new technologies like blockchain and Artificial Intelligence. Along with blockchain the act also focuses on other technologies like 3D printing and the Internet of Things (IoT).
China’s competitive malpractices
Some of the Congress members who debated on the bill called out China’s competitive practices on the global stage. They stressed that the U.S should be a step ahead when dealing with emerging technologies. The passage comes at a time, China has been aggressively studying the blockchain with the digital yuan given a priority.
McMorris Rodgers stressed on the importance of beating China on new technologies. According to Rodgers:
“As we have seen in past global crises and recent months, the Chinese Communist Party will do whatever it takes to get ahead by stealing, cheating, and subsidizing their State-Owned Enterprises. We cannot out subsidize China or beat them at their own game, nor should we.”
Back in May, lawmakers began piling pressure on the federal government to consider a national blockchain strategy for regulation and growth. The lawmakers cited China’s Blockchain Service Network as an example.