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US Legislators Presents Bill to Establish Universal Definition of Blockchain Technology

US Representatives Doris Matsui and Brett Guthrie recently submitted a bill called the ‘Blockchain Promotional Act 2018’ via the announcement from Matsui’s website Monday, October 1.

The release emphasizes that the current definition of techniques of blockchain technology differs in different draft bills . Due to this, the bill suggests that a working group be formed by the US Department of Commerce by both 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 Federal Communications Commission (FCC) to study the potential impact of blockchain tech across the policy spectrum. The agencies involved will also consider the possibility of taking advantage of the blockchain technology to federal adoption.

Rep. Doris Matsui further expounded the main purpose of the bill which is: “Blockchain technology could transform the global digital economy. Opportunities to deploy blockchain technology ranges from greatly increased transparency, efficiencies and security in supply chains to more- opportunistically managing access to spectrum.”

Matsui and Guthrie’s bill succeeds  the recent legislation introduced to the US congress. Last September, Representative Tom Emmer made an announcement saying he would introduce three bills, namely: “Resolution Supporting Digital Currencies and Blockchain Technology”, the “Blockchain Regulatory Certainty Act”, and the “Safe Harbour for Taxpayers with Forked Assets Act.”

The introduction of new blockchain and crypto legislation is in response to lawmakers’ together with industry experts’ call for ‘clarity’ and ‘uniformity’ in terms of crypto legislation.
Last September 25, a “crypto round-table” wherein 45 representatives from major Wall Street firms attended, took place. In this meeting, they talked about Initial Coin Offering (ICO) and cryptocurrency regulations.
According to a news report from Cointelegraph, Deloitte, an audit and consulting firm identified regulatory uncertainty as one of the five major obstacles to the mass adoption of blockchain. Other factors cited that hindered adoption were time-consuming operations, lack of standardization, high costs and complexity of blockchain applications, in addition to the absence of collaboration amongst blockchain-related firms.

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