Will blockchain bill affect the decentralized ledger?

Blockchain faces a dilemma as Congress considers a bill that would regulate decentralized technology, according to Forbes.

The proposed law, "Blockchain Promotion Act," is a bipartisan bill that calls for the Department of Commerce to define blockchain. Lawyers working on the bill have contacted IBM and Intel, who are both investing in blockchain.

One goal of the new bill is to "pre-empt a patchwork series of blockchain definitions from state governments," Forbes reports. Additionally, the bill is seeking to find ways to address blockchain's scalability.

Some experts are apprehensive about getting the government involved, as blockchain was originally developed as a means to transmit money and information without a central authority. Major companies collaborating with Congress may also create a conflict of interest, Forbes reports.

IBM has downplayed its role in influencing the bills.

"Given our deep expertise in blockchain, IBM regularly engages with members of Congress to explore policy that would harness the technology to drive economic development and competitiveness. We do this independently as well as through industry and trade associations, and we have not yet endorsed any specific bill," an IBM spokesperson told Forbes.

While the bill does have bipartisan support, its fate is unclear. Congress plans to hold hearings to discuss it in late fall or early next year.

Another blockchain-related bill was introduced April 9. The "Token Taxonomy Act" is seeking to put certain cryptocurrency activities outside of the Securities and Exchange Commission's jurisdiction, reports Forbes.

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