The US Senate passed a bill aimed at creating a new technology sector with blockchain as the main focus

The US Senate passed a bill aimed at creating a new technology sector with blockchain as the main focus

According to the Financial Times, the US Senate passed the Endless Frontier Act on Tuesday evening Eastern Time. This is a bipartisan bill aimed at responding to China by creating a new technology department with blockchain as the main focus Recent technical efforts.

The bill was initiated by Chuck Schumer, a New York State Democrat and leader of the Senate majority party, and passed with 68 votes in favor and 32 votes against it on Tuesday night. The bill is now submitted to the House of Representatives, and California Democrat Rep. Ro Khanna has put forward a corresponding proposal in the House of Representatives.

According to an amendment by Senator Cynthia Lummis, Republican of Wyoming, the bill lists distributed ledger technology and cybersecurity as one of 10 “key technical focus areas.” The Lummis amendment increased the number of focus areas to 11 to add distributed ledger technology to the priority list.

Other provisions of the bill address issues such as semiconductor production, artificial intelligence, biotechnology, communications, and energy efficiency. “Blockchain” and “cryptocurrency” did not appear in the bill.

According to reports, the bill aims to invest more than US$200 billion in American technology, science, and research to counter China’s growing influence.

The bill stated that the new technology and innovation department will strengthen the United States’ leadership in key technological fields, improve education in key key areas, and hope to attract more students into these fields.

In addition to providing huge investments in technology, the bill also includes a series of measures to restrict China. One is to prohibit government agencies from purchasing drones made by Chinese companies, including DJI, the world’s largest commercial drone manufacturer. In addition, federal employees will be prohibited from downloading the popular short video application TikTok onto government electronic devices.

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Senior White House official Kurt Campbell said on Tuesday that this legislation is a key part of Washington’s efforts to improve its competitiveness and is part of a broad strategy to deal with China.

He said, “The bill shows that the new barriers to competition that will define American leadership will increasingly appear in the field of technology, and we are determined to take measures to speed up the pace.”

Although the bill passed easily in the Senate, it is expected that the House of Representatives will have a major debate on how the two houses will combine their respective legislation into one plan.

Lummis said: “This is a national security issue. If the United States does not respond, we will be left behind. This bill will promote our research and development efforts in blockchain and financial innovation, which we urgently need.”

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.