The U.S. Congress is working on legislation defining blockchain.
The Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act, CNET reports. The bipartisan legislation instructs the U.S. Department of Commerce to set up a working group to define what “blockchain” is.
The bill aims to create a blockchain definition on the federal level to ensure uniformity in definition among states. Besides preparing the definition, the Blockchain Working Group will also provide recommendations on potential applications of blockchain, including on how federal agencies could take advantage of the technology.
Members of the working group will include both governmental and non-governmental stakeholders: representatives of Federal agencies that could benefit from blockchain as well as information and communication technology manufacturers, suppliers, software providers, service providers, vendors, and subject matter experts.
“Blockchain is an exciting new technology with great potential and promise,” said U.S. Sen. Ed Markey, a co-sponsor of the bill. According to Markey, the legislation would help “further understand applications for this technology and explore opportunities for its use within the federal government.”