This bill, titled the "Consumer Safety Technology Act," mandates several initiatives to leverage emerging technologies for consumer protection. It directs the Consumer Product Safety Commission (CPSC) to establish a pilot program within one year to explore the use of artificial intelligence (AI) in support of its consumer product safety mission. This AI pilot program must focus on at least one of four key areas: tracking injury trends, identifying product hazards, monitoring recalled products in the marketplace, or identifying inadmissible consumer products at customs.

The CPSC is required to consult with various experts and stakeholders, including technologists, cybersecurity experts, retailers, and manufacturers, during the pilot program. Following its conclusion, the CPSC must submit a report to Congress detailing the findings and data, including how AI improved its ability to advance consumer product safety. This ensures accountability and provides insights into the effectiveness of AI integration.

Furthermore, the bill requires the Secretary of Commerce, in consultation with the Federal Trade Commission (FTC), to conduct a comprehensive study on the potential uses of blockchain technology for consumer protection purposes. This study, to be completed within one year, will examine existing and emerging uses, commercial trends, best practices for public-private partnerships, and potential benefits and risks of blockchain in preventing fraud and unfair practices. It will also consider possible modifications to Federal regulations to encourage blockchain's use in this domain.

Finally, the bill addresses digital tokens, defining a "token" as a transferable, digital representation of information on a blockchain or distributed ledger. It requires the Federal Trade Commission (FTC) to submit a report to Congress within one year on unfair or deceptive acts or practices in transactions relating to tokens. This report must detail actions taken by the FTC, other prevention efforts, and recommendations for legislation to enhance consumer protection in the token marketplace.