Matsui, Guthrie, Markey, Young Reintroduce the Blockchain Promotion Act

Legislation would convene federal and industry stakeholders to develop a consensus-based definition of blockchain

WASHINGTON, D.C – Today, Congresswoman Doris Matsui (D-CA), Co-Chair of the Congressional High Tech Caucus and Vice Chair of the House Energy and Commerce Communications and Technology Subcommittee, as well as Congressman Brett Guthrie (R-KY) and Senators Ed Markey (D-MA) and Todd Young (R-IN), reintroduced the Blockchain Promotion Act, legislation that would establish a working group of stakeholders across the federal government and private industry to establish a common definition of blockchain.

“As our digital economy continues to increase in sophistication and complexity, we must harness these innovations by developing processes to deploy them effectively across all sectors of our economy. Blockchain technology has the capacity to increase security, transparency, and efficiency in managing everything from next generation broadband networks to supply chains – and by confirming a common definition, we can leverage these technologies to promote innovation at home and abroad,” said Congresswoman Matsui. “The Blockchain Promotion Act gathers a broad group of experts and stakeholders from across the industry and federal government to provide recommendations and build us an essential roadmap forward. I look forward to working with Congressman Guthrie, Senator Markey and Senator Young on this effort and look forward to ensuring that we maintain the pace of rapidly advancing technologies.”

“We live in an exciting time when innovative technologies are being developed and deployed quickly but also often outpacing government regulations,” said Rep. Guthrie. “An example of this is blockchain technology, and this technology is currently being used for business transactions and other applications in our digital economy, such as security and privacy. I’m pleased to partner again with Congresswoman Doris Matsui on the Blockchain Promotion Act to establish a common definition of blockchain to help provide regulatory clarity on blockchain technology as it is further applied and advanced in our economy.”

“Blockchain is an emerging technology that has already been deployed to promote renewable energy, provide healthcare, and protect privacy,” said Senator Markey. “By re-introducing the Blockchain Promotion Act, we are sending a message that on a bipartisan and bi-cameral basis, we support efforts to further understand applications for this rapidly-advancing technology and explore opportunities for innovation that will benefit the American people.”

“Blockchain has the potential to be a catalyst for sustained economic growth across all industries in America. If America leads in its development, we can ensure that the benefits will be shared far and wide. I’m proud to join with my colleagues in reintroducing this bill to ensure the U.S. is at the forefront of this revolutionary technology,” said Senator Young.

Specifically, the Blockchain Promotion Act would direct the Department of Commerce to establish a blockchain working group to recommend a consensus-based definition of the technology. The working group would also consider recommendations for the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC) to undertake a study that would examine the potential impact of blockchain on spectrum policy and opportunities for the adoption of blockchain to promote efficiencies within the Federal government. 

As States continue to consider legislation that includes different definitions of blockchain, this bill would bring a broad group of stakeholders together to develop a common definition.

Full text of the bill is available here.

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