Senate Bill Aims to Create an R&D Strategy for Distributed Ledger Technology; Sense. Roger Wicker, Cynthia Lummis quoted

Sense. Roger OsierR-Miss., and Cynthia LummisR-Wyo., introduced a bill that would require the federal government to coordinate research and development initiatives on distributed ledger technologies.

The national R&D strategy for Distributed Ledger Technology Act would require the Office of Science and Technology Policy to develop a national R&D strategy regarding DLT and its applications, the Senate Commerce, Science and Transportation Committee said Monday.

It is imperative that we maintain global leadership in the development of emerging technologies, including distributed ledger technology,” said Wicker. “This bill would launch a crucial exploration of this promising and novel architecture for computing and data storage.”

The measure would also require the National Science Foundation to continue supporting DLT-related research and the National Institute of Standards and Technology to participate in an applied research project to study and demonstrate the potential benefits of DLT.

“Distributed ledger technology has the potential to make commerce more secure and transparent, as well as reduce friction in the marketplace. … We need to make sure existing regulations don’t get in the way of innovation,” Lummis said.

Norman D. Briggs