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U.S Congressman Drafts Blockchain Definition Law

Kristina Frunze | Oct. 4, 2018
U.S Congressman Drafts Blockchain Definition Law

In the latest news, US Congress representatives Doris Matsui and Brett Guthrie introduce a historical Blockchain definition law. The bill notes that "Legislation would convene federal and industry stakeholders to develop a consensus-based definition of blockchain."

4 October 2018 – A cross-party bill has been introduced to the US House of Representatives. The bill suggests creating a “consensus-based definition of Blockchain.”

US Proposes a Historical Blockchain Definition Law

Representatives Doris Matsui and Brett Guthrie, who are both members of the Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection, proposed the piece of legislation this Monday, 1 October.

In case this bill will be passed into the law, it would create a working group to study the technology and create a common definition for the government purposes. The bill is entitled The Blockchain Promotion Act of 2018.

Matsui stated that "Blockchain technology could transform the global digital economy," further adding the following:

"Opportunities to deploy blockchain technology ranges from greatly increased transparency, efficiencies, and security in supply chains to more-opportunistically managing access to spectrum. This bipartisan bill will bring a broad group of stakeholders together to develop a common definition of the blockchain, and, perhaps even more importantly, recommend opportunities to leverage the technology to promote new innovations."

US Congressman: Blockchain has a lot of potential

Brett Guthrie, in turn, stated that Blockchain "can be a great resource for innovation and technology," highlighting that the government needs to set out how it is better to leverage the tech at first. 

Similarly to Matsui’s comments, Brett Guthrie noted that it might play a role in the rapidly developing digital economy. 

Earlier last month, Congressman Tom Emmer introduced three bills that are designed to support developments of the technology, yet, they were more aimed towards cryptocurrencies themselves. Two of his bills are related to the issues of cryptocurrency taxation and cryptocurrency mining operations. The third bill advocated for “light touch” regulation on the space.

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