Study on blockchain technology and its use in consumer protection

(a) In general (1) Study required Not later than 1 year after the date of the enactment of this Act, the Secretary of Commerce, in consultation with the Federal Trade Commission and any other Federal agency the Secretary determines appropriate, shall complete a study on the possible uses of blockchain technology for consumer protection purposes, including preventing or mitigating fraud and other unfair or deceptive acts or practices. (2) Requirements for study In conducting the study required by paragraph (1), the Secretary shall examine— (A) existing and emerging uses of blockchain technology that could help protect consumers, including by preventing or mitigating fraud and other unfair or deceptive acts or practices within the meaning of section 5 of the Federal Trade Commission Act (15 U.S.C. 45); (B) trends in the commercial use of and investment in blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (C) best practices in facilitating public-private partnerships in blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (D) potential benefits and risks related to the use of blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (E) possible modifications to Federal regulations that could encourage the use of blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); and (F) any other relevant observations or recommendations related to the use of blockchain technology for consumer protection purposes, including preventing or mitigating fraud and other unfair or deceptive acts or practices as described in subparagraph (A). (3) Public comment In conducting the study required by paragraph (1), the Secretary shall provide opportunity for public comment and advice relevant to conducting the study. (b) Report to Congress Not later than 6 months after the completion of the study required by subsection (a)(1), the Secretary shall submit to the Committee on Energy and Commerce of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate, and make publicly available on the website of the Department of Commerce, a report that contains the results of such study.

(a) In general (1) Study required Not later than 1 year after the date of the enactment of this Act, the Secretary of Commerce, in consultation with the Federal Trade Commission and any other Federal agency the Secretary determines appropriate, shall complete a study on the possible uses of blockchain technology for consumer protection purposes, including preventing or mitigating fraud and other unfair or deceptive acts or practices. (2) Requirements for study In conducting the study required by paragraph (1), the Secretary shall examine— (A) existing and emerging uses of blockchain technology that could help protect consumers, including by preventing or mitigating fraud and other unfair or deceptive acts or practices within the meaning of section 5 of the Federal Trade Commission Act (15 U.S.C. 45); (B) trends in the commercial use of and investment in blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (C) best practices in facilitating public-private partnerships in blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (D) potential benefits and risks related to the use of blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); (E) possible modifications to Federal regulations that could encourage the use of blockchain technology to prevent or mitigate fraud and other unfair or deceptive acts or practices as described in subparagraph (A); and (F) any other relevant observations or recommendations related to the use of blockchain technology for consumer protection purposes, including preventing or mitigating fraud and other unfair or deceptive acts or practices as described in subparagraph (A). (3) Public comment In conducting the study required by paragraph (1), the Secretary shall provide opportunity for public comment and advice relevant to conducting the study. (b) Report to Congress Not later than 6 months after the completion of the study required by subsection (a)(1), the Secretary shall submit to the Committee on Energy and Commerce of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate, and make publicly available on the website of the Department of Commerce, a report that contains the results of such study.