As stated by the representative of the Democratic Party of the 9th district of Florida Darren Soto, after almost two years of constant efforts, the Committee on energy and trade has approved a project for a law on “digital taxonomy” and a law on competition.
Now both legislative acts will be submitted for a vote in the main hall of the US House of Representatives.
If the Digital Tax Law is adopted by the Congress, The Ministry of Trade and the Federal Trade Commission (FTC) should carry out research on the technology of the blockchain and provide it with results and reports. In addition, FTC should prepare recommendations for the fight against fraudulent activities associated with digital tokens.
In accordance with the law on competition, the Ministry of Trade will review this study and provide the Congress with a report on the state of the artificial intelligence, the blockchain, and associated technologies.
Soto is one of the key figures that shape the crypto politics in the Congress. He often expressed his confidence in the fact that the US government’s lack of understanding of new technology is keeping the country back in the process of creating a competitive cryptocurrency sector.
“This is our biggest obstacle… we are struggling with ignorance. Research should solve this problem”, he stated.
However, on the congressional account, there are several legal victories. In August the US Department Agriculture approved changes in the law in relation to organic products, that allowed to integrate the blockchain technology in the agricultural sector.
Also, together with other members of the Congress, Soto asked the tax service not to raise the tax on revenue from the Proof-of-Stake blockchains.
In addition, the prominent democratic congressman announced that he would accept donations in cryptocurrency. Currently, on his site there is an option to transfer up to $2,800 via BitPay.
