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

  • 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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast