SIIA Welcomes the Blockchain Promotion Act of 2018

Diane Pinto, (202) 789-4480

SIIA Welcomes the Blockchain Promotion Act of 2018 

Washington, D.C. (October 1, 2018) – The Software & Information Industry Association (SIIA), the principal association for the software and digital content industries welcomes the Blockchain Promotion Act of 2018 (H.R. 6913), which requires the Department of Commerce to establish a “Blockchain Working Group,” which would be charged with developing a definition of blockchain technology.  The legislation also mentions that the Working Group may consider recommendations contained in a draft of the National Institute of Standards and Technology (NIST) internal report entitled, “Blockchain Technology Overview,” in conducting its work.

SIIA Vice President for Public Policy, Mark MacCarthy, issued the following statement:

“Blockchain technology shows serious promise for not just the financial industry, but also for many others by enhancing security, authentication, and regulatory compliance.  A technical definition for blockchain will help set up a common framework for businesses, researchers, and policymakers and guide research and applications development.  This is what happened when NIST set a definition for cloud-computing.

“SIIA commends Representative Brett Guthrie (R-KY 2) and Representative Doris Matsui (D-CA 6) for their foresight in co-sponsoring this important and timely legislation.”

Earlier this year, SIIA organized an event on Capitol Hill about Blockchain following the publication of an SIIA Issue Brief in December 2017.