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Usha Yadav
Jul 30, 2022
by Usha Yadav

The Chips Bill Creates a Position to Advise the President on Blockchain

Chips Bill

Table of contents

  1. Senate Approved The Chips Bill
The Chips and Science Act was approved by the US House of Representatives on Thursday with a vote of 243 to 187. The bill, which was submitted to the Senate more than a year ago, supports research while offering grants and incentives to the semiconductor industry. Additionally, it establishes a post for a blockchain and cryptocurrency expert in the White House Office of Science and Technology Policy (OSTP).

Senate Approved The Chips Bill

On Wednesday, the Senate approved the bill. The total cost is $280 billion, which includes $170 billion in research incentives, $52 billion in grants, and incentives for American semiconductor makers who are up against strong competition from China. It is also anticipated to help the industry's supply chain problems. The language of a provision creating a blockchain and cryptocurrency specialist position in the OSTP to "advise the President on matters relating to blockchain and cryptocurrencies" is tucked away in the lengthy "Miscellaneous Science and Technology Provisions" chapter of the bill, according to a statement from Democratic Florida Representative Darren Soto.

Soto has long been an advocate for cryptocurrencies. He and Republican Tom Emmer co-sponsored a bill in 2020 to exclude minor crypto transactions from capital gains tax. He and Emmer were also co-sponsors of the Digital Commodity Exchange Act, which was reintroduced in April 2022. In several of the activities required under President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, the OSTP was given a role.

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Chips Bill White House Office Science and Technology Policy
The Chips Bill Creates a Position to Advise the President on Blockchain
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.