A bipartisan law recently presented to the US House of Representatives proposes to create a "definition of blockchain based on consensus".
Representatives Doris Matsui and Brett Guthrie – both members of the Energy and Commerce subcommittees on communications and technology and digital commerce and consumer protection – presented the legislation on Monday.
If approved and signed in law, the H.R. 6913, dubbed the Blockchain Promotion Act of 2018, would create a working group to study technology and create a common definition for government purposes.
In addition, the group goes so far as to propose possible recommendations for the National Administration of Telecommunications and Information and the Federal Communications Commission to study how the blockchain can be used by the administration.
Saying "blockchain technology could transform the global digital economy", commented Matsui:
"The opportunities to implement blockchain technology range from greater transparency, efficiency and security in supply chains to more opportunistic management of access to the spectrum.This bill will bring together a broad group of stakeholders to develop a common definition of blockchain, and perhaps even more importantly, recommend opportunities to harness technology to promote new innovations. "
His co-sponsor, Guthrie, added that the blockchain "can be a great resource for innovation and technology", noting, however, that the government must first establish the best way to exploit the technology.
Like Matsui, he noted that he could play a role in an increasingly digital economy.
The two are joined by other legislators in introducing laws to promote blockchain. Last month, Congressman Tom Emmer presented three draft laws to support the development of technology, although they focus more specifically on cryptocurrencies.
Two of Emmer's invoices touch on issues such as cryptocurrency taxation and ensure that miners do not have to register as money transmitters. The third simply defends the regulation of the "light touch" in space.
U.S. Capitol Building image via Chris Parypa Photography / Shutterstock