S. 1492: Deploying American Blockchains Act of 2025

The Deploying American Blockchains Act of 2025 is a proposed piece of legislation aimed at enhancing the United States' engagement and competitiveness in blockchain technology. The bill outlines several key functions and responsibilities for the Secretary of Commerce in regards to blockchain technology and applications.

Definitions

The bill defines several terms crucial to its implementation, including:

• Advisory Committee: Refers to the National Blockchain Deployment Advisory Committee created under this Act.
• Blockchain Technology: Describes a distributed digital database used to store verified information, managed across a network of computers.
• Token: A digital representation of information recorded on a blockchain.

Role of the Secretary of Commerce

The bill designates the Secretary of Commerce as a principal advisor to the President on blockchain technology policy. Responsibilities include:

• Supporting the analysis and recommendations concerning the deployment and use of blockchain technology.
• Organizing an advisory committee to address issues like cybersecurity, regulatory compliance, and supply chain resiliency.
• Promoting American leadership in global blockchain technology applications and improvements.
• Ensuring national security regarding blockchain implementations.
• Fostering public engagement to gather proposals on best practices for blockchain technology.

National Blockchain Deployment Advisory Committee

The bill mandates the establishment of an advisory committee within 180 days of the Act’s enactment. This committee will consist of:

• Members appointed by the Secretary of Commerce, including representatives from Federal agencies.
• Stakeholders with expertise in blockchain, such as technology providers, application developers, and academia.
• A diverse group that includes experts from various fields that can benefit from blockchain technology.

The committee is set to dissolve seven years after the Act's enactment.

Best Practices Development

One ongoing responsibility of the Secretary is to facilitate the creation of a compendium of best practices for deploying blockchain technology. This includes:

• Supporting operations essential to blockchain applications, such as security systems.
• Reducing cybersecurity risks associated with blockchain use.
• Highlighting the potential cost savings and benefits of blockchain adoption.

Reporting to Congress

The Secretary is required to report to Congress at specific intervals, detailing:

• Activities related to the implementation of the Act.
• Recommendations for further legislation to bolster U.S. competitiveness in blockchain technology.
• Emerging risks and trends affecting the sector.

Consultation and Collaboration

The Secretary must consult with various stakeholders continuously while implementing the Act. Collaboration efforts will include aligning with the private sector to develop effective strategies for blockchain technology deployment.

Rules of Construction

The bill specifies that no provision within it requires private entities to share information or adopt suggested practices unless they choose to do so.

Relevant Companies

• COIN (Coinbase Global, Inc.): As a major player in cryptocurrency and blockchain exchanges, Coinbase could be significantly impacted by regulatory changes and the promotion of blockchain technology discussed in this bill.
• GBTC (Grayscale Bitcoin Trust): This financial product could be affected by the bill’s outcomes regarding blockchain regulations and practices, influencing cryptocurrency investment structures.
• MARA (Marathon Digital Holdings, Inc.): As a cryptocurrency mining company, Marathon’s operations are directly linked to blockchain technology, making it susceptible to the changes this bill may bring.
• NVDA (NVIDIA Corporation): A significant provider of technology and hardware that supports blockchain technology, NVIDIA's business may be influenced by increased regulatory standards for blockchain applications.