Consumer Safety Technology Act

Floor Speech

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Mr. SOTO. Mr. Speaker, I thank Chairman Pallone, Chairwoman Schakowsky, Representative McNerney, Ranking Member Rodgers, Ranking Member Bilirakis, and Representative Guthrie for bringing forward these key bills on technology.

Emerging technologies like artificial intelligence, blockchain technologies, and cryptocurrency are playing a growing importance in our daily lives and are going to be an economic driver for the 21st century economy.

Blockchain, in essence, is a fixed ledger. Once you add data or a transaction, it cannot be changed. Therefore, it makes the data have integrity and makes sure that, as we are doing transactions and adding data over the internet, it can't be changed and that there is certainty to it. That is why it is so critical.

Then once we add AI to analyze this fixed data, we could help solve some of the largest problems that we face as a nation: healthcare, climate change, to be two examples; the delivery of personal protection equipment during a pandemic.

And, of course, cryptocurrency allows for small businesses, in particular, to provide services across the world without the transaction costs of exchanging currencies. It will help with remittances and other ways that we can modernize our economy.

It is essential that the United States continue to be a global leader in these emerging technologies to ensure our democratic values remain at the forefront of this technological development. Authoritarian regimes like China and Russia are investing heavily in these areas. It is absolutely critical for the free world to invest and to win the future in these areas.

Also, as a responsible global leader, the United States must strike the appropriate balance of providing an environment that fosters innovation while ensuring appropriate consumer protection.

That is why I am proud to work with Representative McNerney on H.R. 3723. It includes parts of the Digital Taxonomy Act and all of the Blockchain Innovation Act. As many of you know, blockchain technology will be helpful in the ways we discussed already.

First, H.R. 3639, the Blockchain Innovation Act, directs the Department of Commerce, in consultation with the FCC, to conduct a study and submit to Congress a report on the state of blockchain technology in commerce, including its use to reduce fraud and increase security.

Mr. Speaker, I thank Representative Guthrie for cosponsoring and co- introducing this bill. This is a first step toward a long-term goal of setting up a Blockchain Center of Excellence in the Department of Commerce.

In addition, the Digital Taxonomy Act requires a similar report from the FCC to report recommendations on deceptive practices, and the relationship between the FTC, FCC, and the CFTC.

Mr. Speaker, I thank Representative Davidson for his cosponsorship.

When we look at market volatility, the use of cryptocurrency for ransomware in recent attacks like the Colonial Pipeline and tax evasion, it is critical that we get in on the front end of this.

Mr. Speaker, I am pleased to work with Representative McNerney, and I urge support for H.R. 3723.

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