Congress is Moving Forward With The Proposal of a Blockchain Promotion Act Bill

There have been several regulations implemented for virtual currencies and blockchain technology. However, these two areas remain highly unregulated in most of the countries around to world, including the United States. This time, a new bill called “Blockchain promotion Act” has been presented to the US Congress and it could have a deep impact in the market.

Blockchain Bill Introduced in the US Congress

This bill has been introduced for the second time in February and has been sponsored by representatives from different parties. According to a report released by Fortune, the bill calls for the Department of Commerce to have a definition of

“blockchain.”

According to Representative Doris Matsui (D-Ca), since businesses continue to expand and adopt blockchain technology, it will be important to have a common understanding of blockchain. Rep. Matsui is sponsoring this bill in the House alongside Rep- Brett Guthrie (R-Ky). Senators Ed Markey (D-Ma) and Todd Young (R-Id) are working to have it introduced in the Senate.

One of the goals is to explore ways to address the scalability issue. Moreover, they also want to pre-empt a patchwork series of blockchain definitions from state governments. There have been different companies such as IBM and Intel that have spoken with the lawmakers regarding these issues.

Although blockchain is becoming mainstream, there are some individuals that believe that the federal government wants to influence the technology and how it is regulated.

An IBM Spokesperson commented about the bill:

“Given our deep expertise in the blockchain, IBM regularly engages with members of Congress to explore a policy that would harness the technology to drive economic development and competitiveness. We do this independently as well as through industry and trade associations, and we have not yet endorsed any specific bill.”

Thanks to @DorisMatsui, @RepGuthrie, @SenToddYoung and @SenMarkey for your leadership in introducing the Blockchain Promotion Act of 2019. The bill takes a critical step in creating a working group to establish a standard definition for #blockchain. https://t.co/GFiFPcrWz2

— Intel Policy (@IntelPolicy) February 26, 2019

Fortune says that the bill’s fate is unclear since the law enjoys bipartisan and bicameral support. Meanwhile, another bill presented a few days ago, titled Token Taxonomy Act, will be placing some virtual currency related activities away from the U.S. Securities and Exchange Commission (SEC)’s jurisdiction.

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