The US House of Representatives created history as it passed the Chips and Science Act and created a blockchain and crypto specialist position in the White House. The bill was approved on Thursday by a vote of 243 to 187.
The blockchain and crypto specialist position will be created in the White House Office of Science and Technology Policy (OSTP). The specialist will be responsible for “advising the President on matters relating to blockchain and cryptocurrencies.”
Initially introduced into the Senate a year ago, the bill will grant incentives to the semiconductor industry to encourage research and development.
The bill proposed a price tag of $280 billion, and that includes $52 billion in grants and incentives for U.S. semiconductor manufacturers facing Chinese competitors. About $170 billion is allotted for incentives for research.
The bill will also help in tackling the supply chain issues of the industry.
Democratic Florida Representative Darren Soto stated, “As a co-chair of the Congressional Blockchain Caucus and a member of the House Energy and Commerce Committee, 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 always backed crypto moves. Back in April, Soto had supported a bill that was introduced to bring regulations on crypto developers, dealers, exchanges and stablecoin providers under the Commodity Futures Trading Commission (CFTC).