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Blockchain Definition is Sought in the New Congressional Bill

US lawmakers Doris Matsui and Brett Guthrie push for a blockchain definition in new congressional bill.

According to the official website reports, Congresswoman Doris Matsui (D-CA) and Congressman Brett Guthrie (R-KY), members of Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection, introduces H.R. 6913, the “Blockchain Promotion Act of 2018″. This would establish a working group of stakeholders across the federal government and private industry to establish a common definition of the blockchain.

The main goal of the bill H.R. 6913, dubs as the Blockchain Promotion Act 2018. If signs, would on the blockchain technology and create a definition for the government. However, this will bring in a broad group of stakeholders together. The group is yet to include study recommendations from:

  • National Telecommunications and Information Administration (NTIA)
  • Federal Communications Commission (FCC)

Blockchain Promotion Act 2018

The main reason is to examine the potential impact and adoption of blockchain in the Federal government. Moreover, Guthrie believes that this step is necessary,

As our economies become increasingly digital, more organizations are turning to blockchain to keep track of their business transactions.

Further exclaiming it was a pleasure to work alongside Congresswoman Doris Matsui. To introduce the Blockchain Promotion Act 2018 “ and better understand blockchain, its role in our digital economy.”

Additionally, last month, Congressman Tom Emmer introduces three bills, supporting the blockchain technology. Though they focus more on cryptocurrencies.

definitions of blockchain technology

However, two of this bill touches on crypto taxation, ensuring miners to not register as money transmitters. Also, the third simply suggest a “light touch” regulation on the crypto-space.

He adds, “Legislators should be embracing emerging technologies. Therefore providing a clear regulatory system that allows them to flourish in the [U.S.].”

What are your thoughts on this Congressional bill? Will this help blockchain techs in the US or will adversely affect them? Let’s discuss!

Moreover, you might like to read some relevant coverage:

  1. Adoption of Blockchain Technology in Various Sectors
  2. How Will Blockchain In Education Rising?
  3. Top 50 Largest Public Companies Exploring Blockchain
  4. Trends That Are Shaping the Future of Blockchain Technology

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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