Top Summary
The bill requires the Secretary of the Treasury to conduct a study on the potential use of blockchain technology by the domestic private sector to address fraud in payments, reduce transaction costs and times, enable automated payments, and improve efficiency in commercial transactions, with a report to be submitted to Congress within one year of enactment, and clarifies that the study does not mandate the use of blockchain technology by any entity.
Original Bill Text:
SEC. 508.Study on blockchain in payments.
(a) Study required.—The Secretary of the Treasury shall conduct a study on the potential use of blockchain technology by the domestic private sector to address—
(1) fraud in payments;
(2) transaction costs and transaction times;
(3) automated payments; and
(4) efficiency in commercial transactions.
(b) Report to Congress.—Not later than one year after the date of enactment of this Act, the Secretary shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that summarizes the findings of the study required under subsection (a).
(c) Rule of construction.—Nothing in this section shall be construed to mandate the use of blockchain technology by any public or private entity.