Blockchain Promotion Act of 2021

To direct the Secretary of Commerce to establish a working group to recommend to Congress a definition of blockchain technology, and for other purposes. 1. Short title This Act may be cited as the Blockchain Promotion Act of 2021 2. Working group to recommend definition of blockchain technology (a) Establishment Not later than 90 days after the date of the enactment of this Act, the Secretary of Commerce shall establish within the Department of Commerce a working group to be known as the Blockchain Working Group (b) Membership (1) In general The Blockchain Working Group shall be composed of a number of members to be determined by the Secretary, to be appointed in accordance with paragraph (2). (2) Appointment (A) Representatives of Federal agencies The Secretary shall designate Federal agencies to be represented on the Blockchain Working Group, as the Secretary considers appropriate to ensure representation of a cross-section of Federal agencies that could use or benefit from blockchain technology. The head of each agency so designated shall appoint an officer or employee of such agency to serve as a member of the Blockchain Working Group. (B) Representatives of nongovernmental stakeholders (i) In general The Secretary shall appoint representatives of nongovernmental stakeholders with respect to blockchain technology to serve as members of the Blockchain Working Group. (ii) Representation of certain stakeholders required The members of the Blockchain Working Group appointed under clause (i) shall include representatives of the following: (I) Information and communications technology manufacturers, suppliers, software providers, service providers, and vendors. (II) Subject matter experts representing industrial sectors other than the technology sector that the Secretary determines can benefit from blockchain technology. (III) Small, medium, and large businesses. (IV) Individuals and institutions engaged in academic research relating to blockchain technology. (V) Nonprofit organizations and consumer advocacy groups engaged in activities relating to blockchain technology. (VI) Rural and urban stakeholders. (c) Report to Congress (1) In general Not later than 1 year after the date of the enactment of this Act, the Blockchain Working Group shall submit to Congress a report that contains— (A) a recommended definition of the distributed ledger technology commonly referred to as blockchain technology (B) recommendations for— (i) a study to be conducted by the Assistant Secretary of Commerce for Communications and Information, in coordination with the Federal Communications Commission, on the impact of blockchain technology on electromagnetic spectrum policy; (ii) a study that examines a range of potential applications, including non-financial applications, for blockchain technology; and (iii) opportunities within Federal agencies to use blockchain technology. (2) Consideration of recommendations in draft NIST report In making recommendations under paragraph (1), the Blockchain Working Group may consider any recommendations contained in the draft of National Institute of Standards and Technology Internal Report 8202, entitled Blockchain Technology Overview (d) Definitions In this section: (1) Federal agency The term Federal agency (2) Secretary The term Secretary

Summary: Blockchain Promotion Act of 2021 This bill directs the Department of Commerce to establish the Blockchain Working Group to submit a report to Congress that contains a recommended definition of the distributed ledger technology commonly referred to as blockchain technology and other specified recommendations regarding this technology.