Washington, D.C. – Today, Congressman David Schweikert introduced H.Res. 1108 and H.R. 7002 to increase Congress’s support and knowledge for implementing blockchain technology.

H.Res. 1108 seeks to increase research and show Congress’s support for an “innovation friendly” regulatory approach of blockchain technology. We hope that this resolution will increase the support and growth of the technology’s implementation in the public and private sector to improve overall privacy, transparency, and efficiency.

H.R. 7002 will amend the E-SIGN Act to confirm the applicability of blockchain to electronic records, electronic signatures, and smart contracts. We believe that this bill will provide clarity to the application of existing law during a time when several states have already enacted conflicting legislation regarding the validity of electronic signatures, records, and smart contracts using blockchain. This clarification will enable the technology to grow and reach its potential.  

Both H.Res. 1108 and H.R. 7002 include the NIST standard for the definition for blockchain. We look forward to increasing awareness about the potential and validity of blockchain technology.