The Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act this week. If it becomes law, the Act would direct the U.S. Department of Commerce to create a working group to establish a consensus definition for the technology and make recommendations to study its potential for improving government efficiency.
The bill was co-authored by Senator Edward J. Markey (D-MA) and Senator Todd Young (R-IN) and enjoys bipartisan support in both the Senate and House of Representatives. An identical bill has been sponsored in the House by Representatives Doris Masui (D-CA) and Brett Guthrie (R-KY).
In a statement on his official website, Markey said:
“Blockchain is an exciting new technology with great potential and promise. At its core, blockchain is a tool for exchanging data in a secure and accountable fashion, and it has already been deployed to expand access to renewable energy, enhance health care delivery systems, and improve supply chain efficiency.
This legislation will help further understand applications for this technology and explore opportunities for its use within the federal government. This is a commonsense step that will help position the United States and for success. I thank Senator Young for his partnership and look forward to continuing to work to pass this legislation out of the Senate.”