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US Representatives Propose Bill to Properly Define Blockchain

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United States Representatives Doris Matsui and Brett Guthrie have proposed a bill called the “Blockchain Promotional Act 2018” in the House of Representatives.

This is according to an announcement on Matsui’s website earlier this week.

The release pointed out that existing definitions of blockchain technology in various draft bills contrast. For this reason, the bill is recommending that the U.S. Department of Commerce set up a working group established both by federal officials and members of the blockchain industry to generate a common definition of blockchain.

The working group would also take into account recommendations for the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC) to research the possible impact of blockchain tech across the policy spectrum. The agencies would also ponder on opportunities for federal adoption of blockchain technology.

Matsui further explained the primary purpose of the bill:

“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.”

Reps. Matsui and Guthrie’s bill comes after a slew of recent legislation launched in the U.S. Congress. Just last month, Rep. Tom Emmer announced he would launch three bills; 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 new blockchain and crypto legislature is a by-product of urging from lawmakers and industry experts for clarity and uniformity in crypto legislation.

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