This bill directs three federal actions focused on technology and consumer protection. The Consumer Product Safety Commission (CPSC) must set up a pilot program within 1 year to explore using artificial intelligence to support its consumer product safety mission. The pilot must apply AI to at least one of these tasks: tracking injury trends, identifying product hazards, monitoring the retail marketplace (including websites) for sales of recalled products, or identifying products that should be refused entry at customs. The CPSC must consult technologists, cybersecurity experts, retailers, manufacturers, safety organizations, and others. After the pilot ends, the CPSC must report findings and data to Congress and publish the report.
The Secretary of Commerce must complete a study within 1 year, in consultation with the Federal Trade Commission (FTC) and others as appropriate, on possible uses of blockchain technology for consumer protection, including fraud prevention. The study must examine current and emerging uses, commercial trends, public-private partnership best practices, benefits and risks, possible regulatory changes to encourage blockchain use, and other recommendations. The Secretary must allow public comment and then submit a report to Congress within 6 months after the study is finished.
The FTC must submit a report within 1 year on actions and efforts relating to unfair or deceptive acts or practices in transactions involving tokens and provide any recommendations for legislation to improve consumer protection related to tokens. The bill defines “token” as a transferable digital representation of information recorded on a blockchain or other distributed ledger and includes findings supporting tech leadership and consumer protections.
The bill tells agencies to test and study specific technologies and to report their findings publicly and to key congressional committees. The CPSC pilot could produce new data about product injuries, hazards, and recalled items for sale online. The Commerce study will examine whether blockchain can help prevent fraud and recommend best practices. The FTC report will summarize its actions and suggest any legislative changes about tokens. No publicly available information on direct, immediate consumer impacts beyond these required studies and reports.
No publicly available information. The bill text does not include cost estimates, appropriations, or budget instructions.
The bill’s findings state that maintaining U.S. leadership in innovation is important; tokens and blockchain drive innovation and give consumers more choice and convenience; use of tokens and blockchain will likely grow; the FTC is responsible for protecting consumers from unfair or deceptive acts related to tokens and has previously taken action; and the FTC should have training and resources to enforce consumer protections related to tokens.
No publicly available information.