US Congress Mulls Bill To Define Meaning Of Blockchain Technology

While US Congress is still debating how blockchain fits the American worldview, two US lawmakers take a step forward with a bill that seeks to define what blockchain is.

US Congress

US Representatives Doris Matsui (D–CA) and Brett Guthrie (R–KY) have proposed a bill that aims to define blockchain. Dubbed the “Blockchain Promotional Act 2018,” the bill seeks to establish a working group of stakeholders across the federal government and private industry to establish a common definition of blockchain, according to a press release published on October 1.

There are several bills currently pending in US Congress, with each bill having differing definitions for the nascent technology. The bill essentially proposes the formation of a working group composed of federal officials and blockchain personages to work together and create a common definition for blockchain technology.

US CongressThe proposed working group will also listen to recommendations from the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC) to conduct a study of the impact blockchain has across all realms of technology. The agencies will also study opportunities for federal adoption of blockchain technology.

Representative Matsui explains:

“Blockchain technology could transform the global digital economy. Opportunities to deploy blockchain technology ranges from greatly increased transparency, efficiencies and security in supply chains to more-opportunistically managing access to spectrum.”

The bill isn’t the only blockchain-related legislation being considered. In September, Rep. Tom Emmer (R–MN) planned to introduce three bills entitled the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”

The introduction of blockchain-related bills follows multiple calls from lawmakers and blockchain industry experts for clarity and uniformity in crypto legislation and regulation.

Interested in other blockchain innovations and the latest in cryptocurrency news? Head over to our cryptocurrency news site for more.

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US Congress Mulls Bill To Define Meaning Of Blockchain Technology
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US Congress Mulls Bill To Define Meaning Of Blockchain Technology
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While US Congress is still debating how blockchain fits the American worldview, two US lawmakers take a step forward with a bill that seeks to define what blockchain is.
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Ibinex News
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