The "Consumer Safety Technology Act" introduces several initiatives to leverage advanced technologies for consumer protection. Title I, the "AI for Consumer Product Safety Act," directs the Consumer Product Safety Commission (CPSC) to establish a pilot program within one year. This program will explore the use of artificial intelligence to support the CPSC's mission, specifically for purposes such as tracking injury trends, identifying product hazards, or monitoring recalled products in the marketplace.

The CPSC is required to consult with various experts, including technologists, cybersecurity specialists, and industry stakeholders, during the pilot. Following the program's conclusion, the CPSC must submit a report to Congress and make it publicly available, detailing the findings and the extent to which AI improved its consumer safety capabilities.

Title II, the "Blockchain Innovation Act," mandates the Secretary of Commerce, in consultation with the Federal Trade Commission (FTC), to conduct a study within one year on the potential uses of blockchain technology for consumer protection. This study will examine existing applications, commercial trends, best practices for public-private partnerships, and the benefits and risks of blockchain in preventing fraud and deceptive practices. The Secretary must also seek public comment and report the study's findings to Congress and the public.

Finally, Title III, the "Digital Taxonomy Act," acknowledges the growing role of tokens and blockchain in innovation. It directs the FTC to submit a report within one year on its actions against unfair or deceptive acts or practices related to tokens. This report will also cover the FTC's efforts to prevent such practices and include recommendations for legislation to enhance consumer protection in the token marketplace.