US Lawmakers Introduce A New Congressional Bill To Define Blockchain Technology And Regulation

US lawmakers Brett Guthrie and Doris Matsui recently introduced a new congressional bill that proposes defining blockchain technology and regulation. The new bipartisan bill launched by the members of the Energy and Commerce subcommittees on Communications and Technology and Digital Commerce and Consumer Protection proposes to create a proper definition for the blockchain technology.

Termed as the “Blockchain Promotion Act of 2018”, the H.R. 6913 bill aims to form a working group of shareholders belonging to private industry and federal government so that a common statement defining blockchain can be defined.  According to Matsui, blockchain technology has the potential to bring a complete transformation in the way the global digital economy is currently working. She stated that the possible opportunities offered by the deployment of blockchain technology are immense and ranges from a high level of transparency security and efficiencies in supply chains. The congresswoman believes that due to this the technology can more-opportunistically manage access to any spectrum.

While discussing the blockchain regulation and defining bill, Matsui further added that the bipartisan bill will form a group of stakeholders from wider platforms so that together a common definition on this technology can be evolved. She also believes that the coming together of the stakeholders can bring up new opportunities influenced by blockchain and open up doors to new innovations, said Matsui House. Matsui also stated that she is pleased to work with Brett Guthrie.

The co-sponsor of the bill, Guthrie said that blockchain technology can serve as a major resource for bringing innovation and technology. He further added that the government has to think of establishing a way of leveraging blockchain technology first. Similar to Matsui, Guthrie also thinks that blockchain can contribute to the development of the digital economy, said Bitcoin Exchange Guide.

Reports indicate that Guthrie and Matsui are teaming up for promoting the blockchain technology and regulation. Another congressman, Tom Emmer presented three bills last month supporting this technology and cryptocurrencies. One bill out of the three did touch the matters related to regulation.

 

 

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