US representatives Doris Matsui and Brett Guthrie recently proposed a bill dubbed "Blockchain Promotional Act 2018" in the House of Representatives, according to an announcement on the Matsui website on Monday 1 October.
The version notes that the current definitions of blockchain technology in different draft projects differ. For this reason, the bill proposes that the US Department of Commerce create a working group consisting of federal officials and members of the blockchain industry to form a common definition of blockchain.
The working group will also consider recommendations for the National Telecommunications and Information Administration (NTIA) and the Federal Communications Commission (FCC) to study the potential impact of blockchain technology across the policy spectrum. The agencies will also take into consideration opportunities for the federal adoption of blockchain technology. Matsui also explained the main purpose of the bill:
"Blockchain technology could transform the global digital economy and opportunities to implement blockchain technology range from increased transparency, efficiency and security in supply chains to more opportunistic spectrum access management."
Representatives The Matsui and Guthrie bill follows a series of recent laws introduced in the US Congress. In September, Tom Emmer announced that he would present three accounts; the "Resolution that supports digital currency and Blockchain technology", the "Blockchain Regulatory Certainty Act" and the "Safe Harbor for Taxpayers with Forked Assets Act".
The introduction of the new blockchain and crypt legislation follows the demands of legislators and industry experts for clarity and consistency in cryptic legislation. On September 25, 45 representatives of major Wall Street companies and encryption companies took part in an "encrypted round table" to discuss initial rules on the supply of coins (ICO) and cryptocurrency.
As Cointelegraph reported at the beginning of this week, the "Big Four" audit and consulting firm Deloitte defined regulatory uncertainty as one of the five major mass-blocking obstacles to blockchain.
Other factors that hindered adoption were time consuming operations, lack of standardization, high costs and complexity of blockchain applications, as well as the absence of collaboration between companies linked to the blockchain.