ZorroSign Commends U.S. Representatives for Securing Congressional Approval of H.R. 8132
- The COMPETE Act Enhances U.S. Competitiveness in Key Areas Such as Blockchain Technology
Shamsh Hadi, CEO of ZorroSign, Inc., a global leader in blockchain-based digital signatures, commended U.S. Representatives Bobby Rush (D-IL) and Cathy McMorris Rodgers (R-WA) for securing Congressional approval of H.R. 8132, the American Competitiveness on More Productive Emerging Tech Economy (COMPETE) Act. The bill reduces regulatory and bureaucratic barriers to the development of next-gen technology and develops strategies to enhance U.S. competitiveness in key areas such as blockchain technology. The bill was included as part of the Omnibus Appropriations bill and Coronavirus Relief Package approved earlier this week by the U.S. House and Senate. The bill, including the COMPETE Act, is expected to be signed into law by the President later this week.
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Among other things, the COMPETE Act directs the U.S. Secretary of Commerce and the Federal Trade Commission to complete a study on the state of the blockchain technology industry and the impact of the blockchain industry on the United States’ economy. The study must be completed within a year and, following completion of the study, the Secretary and the FTC must also send a follow-up report to Congress which includes recommendations to:
- A. Grow the United States economy through the secure advancement of blockchain technology;
- B. Develop a national strategy to advance the United States business sectors’ position in the world on the adoption of blockchain technology;
- C. Develop strategies to mitigate current and emerging risks to the marketplace and supply chain of blockchain technology; and,
- D. Develop legislation that may advance the expeditious adoption of blockchain technology.
“I applaud the passage of this landmark legislation,” said Hadi. “ZorroSign is built on blockchain technology, and throughout my career in the high-tech industry, I have come to learn that blockchain has a critical role to play in helping the private and public sectors in the United States take full advantage of e-commerce and cybersecurity. Blockchain delivers a superior level of security and ensures the privacy of digital data.”
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Hadi expressed his gratitude to key leaders in Congress in recognizing the importance of blockchain technology and its vital importance to the future growth of the American economy. “Blockchain is important because it has unique qualities that set it apart from other transaction database management systems,” noted Hadi. “The COMPETE Act will put the U.S. government at the forefront in ensuring that the full potential of blockchain technology is properly harnessed and developed to maximize its utility to the American consumer and American businesses.”
ZorroSign is the pioneer of electronic signature technology and the developer of ZorroSign DTM, a unified platform and complete electronic signature and digital transaction management solution. ZorroSign’s unique Document 4n6 (“forensics”) technology offers post-execution fraud detection and verification and authentication of digital signatures and documents using blockchain tokenization.
Hadi added, “Congress is stepping up to do everything it can to ensure that America remains the leader when it comes to the effective employment of cutting-edge technologies like blockchain.”
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