The $280 billion bill, which aids the semiconductor industry, also incorporates Representative Darren Soto’s bill to create a position to advise the president on blockchain and cryptocurrencies.
The US House of Representatives passed the Chip and Science Act on Thursday by a vote of 243 to 187. The bill, which was introduced in the Senate more than a year ago, provides grants and incentives for the semiconductor industry and encourages research in this direction. He is also creating a Blockchain and Cryptocurrency Specialist position at the White House Office of Science and Technology Policy (OSTP), according to Cointelegraph.
The bill's total cost is $280 billion, including $52 billion in grants and incentives for US semiconductor manufacturers and $170 billion in research incentives. This is also expected to help mitigate supply chain issues in the industry.
In addition, there is a section in the “Miscellaneous Science and Technology Provisions” chapter of the bill that provides for the creation of a Blockchain and Cryptocurrency Specialist position at the OSTP to “advise the President on matters relating to blockchain and cryptocurrencies.” Soto said in a statement:
“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.”
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.