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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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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