What happens when a central authority like the U.S. government tries to shape a decentralized technology? We’ll soon find out as a proposed law, called the “Blockchain Promotion Act,” picks up momentum in Congress.
The bill, introduced for the second time in February, has bipartisan sponsors in both the Senate and House of Representatives. It calls for the Department of Commerce to come up with a standard definition of “blockchain,” a technology that underpins bitcoin, and which can be loosely described as a tamper proof ledger run across multiple computers.
“As businesses continue to explore and adopt distributed ledger technologies, a critical aspect of achieving real scale will be a common understanding of blockchain,” Rep. Doris Matsui (D-Ca) told Fortune by email.