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US Senate Commerce, Science and Transportation Committee Approves the Blockchain Promotion Act

By Jenny Aurora | July 13, 2019
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US Senate Commerce, Science and Transportation Committee Approves the Blockchain Promotion Act

The Blockchain Promotion Act has been approved by the US Senate Commerce, Science and Transportation Committee. 

Reported by the tech news outlet CNET, after approving the bill, the US Congress is taking steps in designing legislation pieces to draft the regulatory framework for blockchain tech and to clearly understand the benefits governments could gain from blockchain.

Sen. Ed Markey, a Democrat from Massachusetts and co-sponsor of the bill, said in a statement: 

“Blockchain is an exciting new technology with great potential and promise”.  Markey also noted that multiple blockchain-backed use cases have been deployed in the private sector such as expanding access to renewable energy, enhancing health care delivery systems and improving supply chain efficiency.

After the bill is approved, a blockchain working team will be established inside the Department of Commerce and therefore, narrowing the gap between the US and blockchain technology at a federal level. The group is expected to submit reports recommending a definition of blockchain to the Congress after 1 year operating.

Moreover, the group should conduct researches to give recommendations on the impact of distributed ledger technology on electromagnetic spectrum policy, other potential applications, and specifically possible uses by the federal agencies. 

Recently, The authority of Nevada, USA has reportedly approved a number of bills, all connected with distributed ledger technology (DLT), in an attempt to further attract blockchain investment to the region.

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