“Advising the President on subjects pertaining to blockchain and cryptocurrency” will be the specialist’s job description.
Bypassing the Chips and Science Act and establishing a post for a blockchain and cryptocurrency specialist in the White House, the US House of Representatives made history. On Thursday, the law passed by a vote of 243 to 187.
The White House Office of Science and Technology Policy will create the job of blockchain and cryptocurrency specialist (OSTP). “Advising the President on subjects pertaining to blockchain and cryptocurrency” will be the specialist’s job description.
The plan, which was first presented to the Senate a year ago, will provide incentives to the semiconductor sector to promote R&D.
The projected $280 billion price tag includes $52 billion in subsidies and incentives for American semiconductor producers that are up against Chinese rivals. Amounts allocated for research incentives total about $170 billion.
The law will also aid in addressing the industry’s supply chain problems.
As co-chair of the Congressional Blockchain Caucus and a member of the House Energy and Commerce Committee, Democratic Florida Representative Darren Soto said, “I am proud to foster the policy needed to ensure innovation continues to take shape in our government, and the CHIPS and Science Act will do just that.”
Soto has consistently supported cryptocurrency initiatives. Soto had backed a proposal to place rules on cryptocurrency creators, dealers, exchanges, and stablecoin suppliers under the Commodity Futures Trading Commission back in April (CFTC).
