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Analyze HR1770 - Consumer Safety Technology Act | DoTheySupportIt

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Analyze HR1770 - Consumer Safety Technology Act

HR1770

Consumer Safety Technology Act

This bill, known as the Consumer Safety Technology Act, includes provisions to study blockchain technology and tokens. Specifically, it directs the Secretary of Commerce to study blockchain's potential uses for consumer protection, including fraud prevention, and to identify regulatory modifications that could encourage its adoption. It also mandates the Federal Trade Commission to report on unfair or deceptive practices related to tokens, defined as transferable digital representations on a blockchain, and recommend legislation to enhance consumer protection in this area. The bill acknowledges that tokens and blockchain drive innovation and consumer choice.

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