By We’ve in the past reported on various lawmakers around the globe pushing for various aspects of the cryptocurrency world to be regulated.
The latest instance in which US lawmakers are making a stand for the proper regulation of digital currencies and the recognition they deserve, sees a bipartisan bill being recently introduced into the US House Of representatives which proposes the creation of a “consensus-based definition of blockchain”.
Doris Matsui & Brett Guthrie, representatives of Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection submitted the proposal this past Monday.
If this bill is passed and made law, H.R. 6913 known as Blockchain Promotion Act of 2018, would see the creation of a working study group which will research and create a common definition for use in government.
Furthermore, the group will also set out to propose recommendations for the National Telecommunications and Information Administration and the Federal Communications Commission in order to research ways in which blockchain technology can be utilised by the administration.
Matsui stated that
“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. This bipartisan bill will bring a broad group of stakeholders together to develop a common definition of blockchain, and, perhaps even more importantly, recommend opportunities to leverage the technology to promote new innovations.”
Guthrie added to this by saying that the technology “can be a great resource for innovation and technology,” but also noted that the government would first need to establish how best to utilize the technology.
These two lawmakers join a host of others who has stepped up to promote blockchain technology. It was just last month that Congressman Tom Emmer introduced three bills of his own all directed at the support & development of blockchain.
It seems that more and more lawmakers around the world are stepping up and seeing the potential behind blockchain technology. The question is, whether this is ultimately good for the investor or the powers that be? What do you think?
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