S1492-119

What This Bill Does

Makes the Commerce Secretary the principal presidential adviser for blockchain deployment, competitiveness, tokens, and tokenization; establishes a National Blockchain Deployment Advisory Committee within 180 days; directs public best-practice compendiums and terminology work; preserves private-sector voluntariness; and requires annual and final reports to Congress.

Who Benefits and How

Blockchain infrastructure providers, application developers, public blockchain organizations, cybersecurity experts, rural stakeholders, content creators, and small businesses benefit from representation on the National Blockchain Deployment Advisory Committee and from Commerce work on best practices, interoperability, key storage, cybersecurity risk, cost savings, terminology, and public research. Federal agencies benefit from review of how blockchain or distributed-ledger technology could improve agency systems and critical-infrastructure security. State and local governments benefit because Commerce must consider their needs along with private-sector needs. Congress benefits from annual reports on activities, legislative recommendations, emerging risks, and long-term trends.

Who Bears the Burden and How

Commerce blockchain staff must organize the advisory committee within 180 days, consult stakeholders, publish research, develop terminology, support open-source infrastructure, and write annual and final reports. Advisory Committee members must examine risks across decentralized identity, cybersecurity, AI, fraud reduction, regulatory compliance, e-commerce, health care, and supply chains before termination after seven years. Federal agencies may need to assess preparedness and security measures for blockchain adoption. Private firms are not required to share information, request assistance, implement Commerce recommendations, or adopt best practices, which limits direct burdens.

Key Provisions

• Defines blockchain technology, distributed ledger technology, covered nongovernmental representatives, tokens, tokenization, states, and the Commerce Secretary.
• Makes the Commerce Secretary the principal adviser to the President on blockchain deployment and competitiveness.
• Establishes the National Blockchain Deployment Advisory Committee within 180 days.
• Directs the committee to examine deployment risks, cybersecurity, fraud reduction, regulatory compliance, health care, supply chains, federal use, and critical-infrastructure security.
• Requires Commerce to facilitate a public compendium of guidelines and best practices for interoperability, operations, cybersecurity, and cost savings.
• Provides voluntary-use rules for private entities and requires annual plus final public reports.