A United States bill has been sent to President Joe Biden to consider, which will boost computer chip manufacturing in the country and will design a role of a cryptocurrency administrator in his cabinet.

The bipartisan legislation cleared both chambers of Congress after a House vote on Thursday. The legislation is hoping to establish a new adviser role on blockchain and cryptocurrency issues in the office to work alongside lawmakers to help regulate the decentralised space. This role would work in the Office of Science and Technology Policy and help support the industry and the benefits it can bring the country’s economy and businesses while looking to alleviate the issues tied in with the technology.

Representative Darren Soto, a cryptocurrency advocate and co-chair of the Congressional Blockchain Caucus commented:

“I am proud to foster the policy needed to ensure innovation continues to take shape in our government.”

The bill, which is referred to as the Chips and Science Act, has been successful in earning the support of a number of Republicans – which is especially significant given it’s an otherwise Democrat-centric effort. Those supporters will be counted as a political win for the party as well as President Biden.

The White House and cryptocurrency

The Science Office of the White House was directed by an executive order from the President to analyse the impact that cryptocurrency, blockchain technology, and digital assets are having on the country, especially in terms of the environment and climate change. This order was directed earlier this year with results from the investigation requested later this year. The office also requested public input to be put into the report in March, which would consider both proponents’ and critics’ viewpoints on the industry.

This investigation will be used to develop the industry in a responsible, climate and economy-friendly manner. As per the announcement in March, there are important points to note with this investigation. The Executive Order calls for measures to:

• Protect consumers, investors, and businesses in the United States,
• Find a United States and global financial stability and mitigate any systemic risk,
• Mitigate as many illegal finance and national security risks that are posed by the illicit use of digital currencies,
• Promote United States leadership in the tech and economic global space,
• Promote access to safe and affordable financial services for everyone to promote financial equity,
• Support technological advances,
• Ensure a responsible development and use of any and all digital asset classes, and
• Explore a Central Bank Digital Currency (CBDC) for the United States to work alongside the US dollar.