U.S. Telecom Division Crowdsources Suggestions on Regulation of Blockchain Tech

The effort to develop blockchain in order for it to be adopted in various sectors is still gaining momentum. A recent announcement from the National Telecommunications and Information Administration (NTIA) stated that the agency wishes to provide assistance to American startups to integrate blockchain tech into their systems.

The NTIA, a division of the U.S. Department of Commerce, released a notice of inquiry on Tuesday to crowdsource information on how best to approach the creation of regulation around blockchain tech. Among the areas covered by the inquiry were information free-flow, privacy and cybersecurity, emerging innovations and internet governance, according to Coindesk.

David Redl, administrator of NTIA, said that stakeholders wishing to contribute to the data gathering are more than welcome. The collected information will then be used as a guideline by NTIA’s international internet policy to create regulations for various sectors.

"We want risk-taking American entrepreneurs to have access to global markets for their digital products and services,” Redl wrote. He added that moving forward, the agency’s focus will be on AI, automated workforce, blockchain tech and more. Redl expressed his interest in how they can add value to the ongoing international dialogue on these thriving innovations.

The NTIA is the bureau directly responsible for providing recommendations to the president about policy issues governing the information and telecommunication sectors. The agency also stressed its role in ensuring “that the internet remains an engine for continued innovation and economic growth.”

While the organization has yet to draft concrete regulation in the blockchain market, the Department of Commerce – NTIA’s overseeing body – has expressed interest in using the nascent innovation as a data keeper for digital information. Policies surrounding blockchain technology are still being studied by legislators and no encompassing regulation has been imposed on it.

However, various government divisions are working on this. The Securities Exchange Commission recently created a senior advisory role that would spearhead the creation of regulations for blockchain technology and stop illicit actors from operating in the crypto space.