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Three things about large bureaucratic organizations remain unchanged for centuries: first, they tend to expand indefinitely to the expense of their efficiency; second, they instinctively view innovations as an imminent threat to their existence unless they completely control its; and, third, they gradually undermine new ideas until its smoothly fit into their internal business processes.
Apparently, that what is going on in the Chamber of Representatives where Rep Guthrie from Kentucky (he’s, btw, got a degree in mathematical economics from the West Point) introduced the, so-called, ‘Advancing Blockchain Act’ on May 19, 2020.
This doc stipulates that “no later than 2 years (zic!) after the date of enactment of this Act, the Secretary of Commerce and Federal Trade Commission, … , shall conduct a study on the impact of blockchain technology on United State business conducting (zic!) interstate commerce.”
In the ‘requirements for study’ section it demands: ‘establish a list of the industry sectors that develop and use blockchain’; ‘provide the description of the ways entities or industry sectors develop, use or promote the use of blockchain technology’; ‘provide a description of the advantages or disadvantages of the wide-spread adaption of blockchain technology’; ‘conduct a survey of Federal activity related to blockchain technology’ etc, etc, etc.
Sure, during the following couple of years this ‘act’ will get a lot of gov employees busy and subcontractors — wealthy. Otherwise, the point of this product of a bureaucratic imagination is anybody’s guess.
However, this piece is far from being as ugly as it could be because it seems to be aimed, primarily, to massage a ‘greed muscle’ of ‘peoples representatives’ (calling among other expensive exercises to ‘develop a national strategy to advance the position in the world of business sectors in the US on the development (zic!) … of blockchain technology’) rather than to invoke the fear to loose dollars’ world supremacy (as it lately becomes a trend) into their patriotic hearts.
Link: https://beta.documentcloud.org/documents/20073740-20200518-guthrie-advancing-blockchain-act-final
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