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CHIPS Act 2022 to appoint blockchain and crypto specialist to advise US President

As per a statement made by Democratic Florida Representative Darren Soto, the newly passed Chips and Science (CHIPS) Act 2022 contains a section for the creation of a blockchain technology and crypto expert post in the White House Office of Science and Technology Policy (OSTP).

The specialist will advise the US President on matters pertaining to blockchain technologies and cryptocurrencies.Β 

CHIPS Act 2022

The Chips and Science Act was proposed more than a year ago in the US Senate. The act proposes incentives and subsidies for the semiconductor sector and also encourages research. It costs $280 billion in total, with $52 billion in subsidies and incentives for US semiconductor makers facing strong competition from China, and $170 billion in research incentives. It is also expected to help address supply chain concerns in the sector.Β 

The act was cleared by the US House of Representatives, the lower chamber of the US Congress, on July 28, by a majority vote of 243 to 187 after it was passed by the upper house, the US Senate, on July 27. The act is on its way to becoming a law after receiving signatures from President Biden.Β 

Democratic Florida Representative Darren Soto’s statement

According to a statement issued by Democratic Florida Representative Darren Soto, the CHIPS Act 2022 also includes a section establishing a blockchain and cryptocurrency specialist position in the OSTP. He said:

“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.”

Pro-crypto supporter in Parliament

Darren Soto is a crypto supporter and has a history of cryptocurrency promotion. He has taken a lead in co-sponsoring the creation of a rule in 2020 to exempt trivial crypto dealings from taxes related to capital gain. He also played a role in the reintroduction of the Digital Commodity Exchange Act in April 2022.

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