Blockchain
Bipartisan bill for blockchain competitiveness passes US House
As the cryptocurrency community eagerly anticipates the United States House of Representatives vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, another, albeit less ambitious, pro-crypto legislation has already been passed: the Deploying American Blockchains Act of 2023, approved by a substantial margin of 334 to 79.
This bipartisan bill instructs the secretary of commerce—currently Gina Raimondo—to undertake actions deemed necessary and appropriate to enhance the competitiveness of the United States in blockchain technology or other forms of distributed ledger technology.
The legislation designates the secretary as the primary presidential advisor on blockchain and assigns several key responsibilities, including policy development, research, and promotion of the technology. Additionally, it mandates the establishment of an advisory committee comprising representatives from government, industry, academia, and culture, tasked with presenting an annual report to Congress.
Representatives Lisa Blunt Rochester and Larry Bucshon introduced the bill, both of whom lack prior involvement in blockchain or cryptocurrency matters. On December 5, the House Committee on Energy and Commerce unanimously endorsed it, with the Chamber of Digital Commerce and Blockchain Association lending their support.
Notable opponents of the bill included crypto skeptics Sean Casten, Bill Foster, and Brad Sherman, as well as pro-crypto Senator Cynthia Lummis’s fellow House member Harriet Hageman. Casten, alongside Sherman, Foster, and others, led the Blockchain Integrity Act, introduced into the House on May 7. This proposed legislation aims to prohibit the use of crypto mixing services for a period of two years while the Treasury Department conducts an evaluation of such services. However, this bill is yet to be brought to a vote.
The House officially passed the Deploying American Blockchains Act on May 15, coinciding with the approval of two other bills— the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act— which have implications for blockchain technology. All these bills will now proceed for consideration in the Senate.
Currently, there are approximately 50 bills related to cryptocurrency under consideration in the U.S. Congress, each at varying stages of evaluation.
Source: cointelegraph.com
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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