The US Senate board of commerce, science, and transportation has officially accepted the Blockchain Promotion Act. This bill pushes the US nearer to the blockchain definition at the federation.
The Blockchain Promotion Act will also set up a blockchain working group in the Department of Commerce. The participants of this group should represent the federal agencies. They should be accessible to blockchain and non-governmental stakeholders. The non-governmental members will involve the manufacturers of IT and communication tech, suppliers, software & service providers, and experts.
The group needs to submit a report to Congress proposing blockchain definitions within a year. Additionally, the report should also mention research-based on Distributed Ledger Technology (DLT). Also, it should include DLT’s effect on electromagnetic spectrum policy, applications, and other uses for federal agencies.