‘Christmas Tree’ Funding Bill in Congress Includes Gifts for Crypto Industry

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A spending agreement unveiled by congressional leaders Tuesday—a so-called Christmas Tree stopgap bill packed with various additions before the holiday break—is aimed at averting a government shutdown. But it also includes a relatively novel crypto-related initiative. Tucked within a 1,547-page bill that would keep the government funded through March 14, 2025, the legislative package currently includes the “Deploying American Blockchains Act,” a measure that would enable the U.S. Department of Commerce to make policy recommendations while assembling a government-backed group of industry experts on Capitol Hill. First passed in the House of Representatives in May, the bill requires the Department “to support the leadership of the United States in the use of blockchain technology,” according to a description of the original legislation. While establishing definitions for terms like “blockchain technology” and “tokenization,” the bill also requires the Department’s secretary to “serve as a principal advisor” to the president on crypto-related matters, alongside a new advisory committee. Rep. Larry Bucshon (R-IN) co-sponsored the Deploying American Blockchains Act when it was first introduced in 2023, and he told Decrypt that its inclusion in the stopgap funding bill was the result of bipartisan negotiations. “Blockchain technology and other distributed ledger technologies have so many potential applications to help drive innovation and economic growth,” said Bucshon. “This bill represents an important step in reasserting the United States as the best place in the world for businesses to develop and deploy these blockchain technologies throughout the economy.” Among several initiatives, the “National Blockchain Deployment Advisory Committee” would assess how federal agencies could benefit from blockchain technology and tokenization, a process that refers to creation of digital representations for assets on a public blockchain. The new committee would also explore how blockchain technology could “promote the national security” of the U.S., while delivering regular reports to…