Bill Details
HRES.111 - 119th Congress
Status
Latest action
2025-02-05 - Referred to the Committee on Energy and Commerce, and in addition to the Committees on Financial Services, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced Date
2025-02-05
Policy Area
Finance and Financial Sector
Committees
View committees (3)
Sponsors
Cosponsors
7
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This resolution says the House supports blockchain technology and digital assets and wants the United States to be a leader in developing them. It argues that these tools can help grow the economy, lower costs, improve transparency, and give people and businesses new ways to work together online. It also says Congress should create clear rules that protect consumers while still allowing this technology to grow in the United States instead of moving overseas.
- The House says the United States should better understand the opportunities of the next generation of the internet and support new financial technologies.
- It says digital assets and blockchain can improve access to financial services, make systems more efficient, and support more fair and open participation.
- The resolution warns that if the U.S. does not support this industry, companies and development may move to other countries with clearer rules.
- It calls on Congress to create a practical legal framework that fits the different risks and benefits of digital assets, while keeping investor and consumer protections in place.
Official Summaries
This resolution expresses the sense that the United States should strive to be a global leader in the development and adoption of digital assets and blockchain technology.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 111 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. RES. 111
Expressing support for blockchain technology and digital assets.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 5, 2025
Mr. Johnson of South Dakota (for himself, Mr. Steil, Mr. Davis of North
Carolina, and Mr. Torres of New York) submitted the following
resolution; which was referred to the Committee on Energy and Commerce,
and in addition to the Committees on Financial Services, and
Agriculture, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
RESOLUTION
Expressing support for blockchain technology and digital assets.
Whereas entrepreneurs and innovators are building and deploying this next
generation of the internet;
Whereas digital asset networks represent a new way for people to join together
and cooperate with one another to undertake certain activities;
Whereas digital assets have the potential to be the foundational building blocks
of these networks, aligning the economic incentive for individuals to
cooperate with one another to achieve a common purpose;
Whereas the digital asset ecosystem has the potential to grow our economy and
improve everyday lives of Americans by facilitating collaboration
through the use of technology to manage activities, allocate resources,
and facilitate decision making;
Whereas blockchain networks and the digital assets they empower provide creator
control, enhance transparency, reduce transaction costs, and increase
efficiency;
Whereas blockchain technology facilitates new types of network participation
which businesses in the United States may utilize in innovative ways;
Whereas digital asset companies are establishing operations outside of the
United States, in countries that embrace the potential of blockchain
technology and digital assets and provide safeguards for consumers
through clear legal frameworks; and
Whereas digital assets, despite the purported anonymity, provide law enforcement
with an exceptional tracing tool to identify illicit activity and bring
criminals to justice: Now, therefore, be it
Resolved, That it is the sense of the House of Representatives
that--
(1) the United States should seek to prioritize
understanding the potential opportunities of the next
generation of the internet;
(2) the United States should seek to foster advances in
technology to improve our financial system and create more fair
and equitable access to financial services for everyday
Americans;
(3) the United States must support the development of
digital assets and the underlying technology in the United
States or risk the shifting of the development of such assets
and technology outside of the United States, to less regulated
countries;
(4) the United States should strive to be a global leader
in the development and adoption of digital assets and
blockchain technology;
(5) Congress should enact a functional framework tailored
to the specific risks of different digital asset-related
activities and unique benefits of distributed ledger
technology, distributed networks, and decentralized systems;
and
(6) consumers and market participants will benefit from a
framework for digital assets consistent with longstanding
investor protections in securities and commodities markets, yet
tailored to the unique benefits and risks of the digital asset
ecosystem.
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