US Senate Committee Approves the Blockchain Promotion Act

The United States Senate committee of commerce, science and transportation approved the Blockchain Promotion Act on Tuesday, tech news outlet CNET reports on July 11.

The bill, published by the outlet, moves the U.S. closer to a blockchain definition at the federal level and establishes a blockchain working group within the Department of Commerce. Members of the working group should be representatives of federal agencies that could use blockchain and non-governmental stakeholders.

Non-governmental participants will include information and communication technology manufacturers, suppliers, software providers, service providers, vendors and experts. Within one year from its establishment, the working group should submit to Congress a report recommending a definition of blockchain.

Furthermore, the report should also recommend research to be conducted on distributed ledger technology’s impact on electromagnetic spectrum policy, other potential applications, and specifically possible uses by the federal agencies. 

As Cointelegraph reported earlier today, United States President Donald Trump voiced his opposition to cryptocurrencies, citing Bitcoin and Libra specifically, in a series of tweets published yesterday.

It has been announced last month that the United States House Financial Services Committee will be holding a hearing on the social media giant Facebook’s proposed virtual currency Libra on July 17.