New Blockchain Promotion Act of 2018 (HR 6913 Bill) Submitted to Congress for DLT Definition

US Lawmakers Push For A Blockchain Definition In New Congressional Bill

A new bipartisan bill has recently reached the U. S. House of Representatives. This bill proposes the creation of a definition of what is the blockchain technology. Doris Matsui and Brett Guthrie, both members of the Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection, are pushing the law forward.

If this new law is signed, the bill H. R. 6913, known as the Blockchain Promotion Act of 2018, can create a study group to work on the technology and create a legal definition for the government. The group would also recommend that the National Telecommunications and Information Administration and the Federal Communications Commission will study how the government may use the technology.

Matsui affirmed that the technology has the potential to transform the global digital market. According to him, there are opportunities to use the blockchain technology to increase transparency, efficiency and security in supply chains. As the law is bipartisan it will probably not face a great resistance in the Congress.

Guthrie, co-sponsor of the law, has affirmed that this technology can be a great resource for innovation and technology and noted that the government needs to establish a way to leverage this technology first. Like Matsui, he also believed that the technology an help in the digital economy.

These two lawmakers will join others to promote the blockchain technology. Last month, Tom Emmer, another Congressman, introduced a set of three bills that had the goal of supporting the development of the technology and focused on cryptocurrencies. Two of Emmer’s bills touched issues of crypto taxation and the third one touched matters of regulation.