Blockchain Promotion Act goes through the U.S. Senate committee

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  • The working group has to submit to Congress a report recommending a definition of blockchain.
  • President Trump is making headlines due to his anti-Bitcoin tweet.

According to a report by CNET on Thursday, July 11 the United States Senate committee of commerce, science and transportation has given a go-ahead on the Blockchain Promotion Act. This a big step for the United States as it pushes it closer to a blockchain definition at the federal level.

Moreover, it could see the establishment of working groups in the Department of Commerce whose members must be representatives of federal agencies that are likely to utilize the blockchain technology as well as other non-governmental.

Some of these non-governmental stakeholders could include “information and communication technology manufacturers, suppliers, software providers, service providers, vendors, and experts,” as covered by Cointelegraph. The law requires that once established, the working group has to submit to Congress a report recommending a definition of blockchain.

In spite of these step in the right direction, President Trump is making headlines due to his anti-Bitcoin tweet where he said that he is not a fan of BTC and other cryptos. He said that cryptocurrencies could promote illegal activities such as drug trade.

Read More: President Trump’s negative tweet ‘wildly bullish’ for Bitcoin

 

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