US Senate Committee Endorses the Blockchain Promotion Act

Blockchain Promotion Act, a bill initiating the formulation of clear definition of blockchain, has been cleared by the United States Senate committee of commerce, science and transportation.

The bill is yet another step forward in the process of establishing a national-level description of blockchain and result in the setting up of a Department of Commerce blockchain task force.

Those who make up the working group, according to the bill, should be state agency representatives who could really use blockchain and non-governmental industry partners.

Non-governmental members will include IT firms, distributors, software providers, utility companies, merchants, and other professionals.

The task force is directed to prepare a survey report to Congress within a year of its formation stating a description of blockchain.

In addition, the report is also anticipated to suggest research to be carried out on the influence of Distributed Ledger Technology (DLT) on electromagnetic spectrum doctrine, other possible uses, and exclusive uses for federal agencies.

Especially, through a string of tweets, the US President Donald Trump expressed his dissent to cryptocurrencies, specifically referencing Bitcoin and Libra.

In June, it was announced that the US House Financial Services Committee will conduct a session on July 17 on the suggested virtual currency Libra which is being planned to be introduced by the social media platform provider Facebook.