What’s Cooking in Congress with Blockchain?
Last week, a pair of bipartisan lawmakers decided to step into the technicolor world of blockchain by introducing the Blockchain Promotional Act 2018. This isn’t just your average legislative jargon; this bill could be the linchpin for a federal understanding of what blockchain really means. It’s like trying to pin the tail on a digital donkey—only this time, the tail might just revolutionize industries!
Who’s Behind the Bill?
The dynamic duo spearheading this initiative is California Democrat Doris Matsui and Kentucky Republican Brett Guthrie. They presented this proposal on September 26, as if they were unveiling the latest trendy gadget at a Silicon Valley launch party. Matsui’s excitement was evident when she quoted her previous deliberations on blockchain’s applications, suggesting it could help with everything from sharing wireless spectrum to securing your Aunt Mildred’s online cookie recipe.
Why Define Blockchain?
Now, you may be wondering: Why all the fuss over defining something that seems so futuristic? Well, here’s the kicker: As blockchain technology gains popularity, its definition seems to be more slippery than a bar of soap. According to Matsui, without a common understanding, the landscape could devolve into a mad scramble of inconsistent state laws. If you think juggling states sounds like a circus act, just wait until you see insurance brokers trying to dance through different regulations!
How the Bill Plans to Tackle Blockchain Chaos
So how does the bill aim to add some order to this blockchain ballet? The proposal calls for the creation of a working group that will include federal officials and blockchain industry insiders. Think of it as Congress’s version of a tech think tank. Their job? To hammer out a solid definition and recommend how the technology could play into future federal policies while protecting consumers. Matsui stated that this could transform the global digital economy. And by ‘transform,’ she probably means to turn your coffee shop’s payment system into something as secure as Fort Knox.
A Look Ahead: What More Might Come?
As if the introduction of this bill isn’t enough, there are other bills lurking in the wings like stagehands waiting for their cue. Other lawmakers are pressing for legislation focused on cryptocurrencies and innovative tech, with some even asking the SEC for clearer guidelines. How can an investor pick a side when guidelines are as clear as mud?
What’s Next?
With all this movement in Congress, the landscape is shifting, but how much of a shift remains to be seen. While the Blockchain Promotional Act 2018 could pave the way for clearer regulations and smoother adoption of blockchain in various industries, it’s too soon to call this shot. Meanwhile, industry players like the Blockchain Association anticipate a fruitful relationship with Congress in defining responsive regulations that drive innovation while keeping consumers happy and safe.
