After a bill aimed at establishing a definition for blockchain technology was introduced in Congress, a few in the crypto community raised concerns. Drew Hinkes, lawyer and co-founder of startup investment bank Athena Blockchain, was one of them.
Representatives Doris Matsui (D-CA) and Brett Guthrie (R-KY) submitted a bill to the US House of Representatives this week titled the "Blockchain Promotion Act of 2018[1]." One of its primary purposes is gaining a clear definition of blockchain technology by creating a "blockchain working group." This task force could spend one year studying and defining blockchain before recommending said definition to the House.
Not everyone thinks this is a great idea.
One of the naysayers is co-founder of startup investment bank Athena Blockchain, Drew Hinkes. Hinkes is a lawyer, author, and speaker on matters relating to cryptocurrencies and blockchain technology. He also co-teaches a course called "Digital Currencies, Blockchains, and the Future of the Financial Services Industry" at the NYU Stern Business School and the NYU School of Law.
In a recent Twitter post, Hinkes didn't hold back on his opinion:
ETHNews reached out to Hinkes to learn more about his perspective. Hinkes made clear that he's a critic of the bill, not the sentiment behind it: "I applaud the intention of these Representatives who clearly are trying to help and encourage technology development and innovation in the US."
The problem with the bill, he says, is rooted in the contrast between the slowness of legislation and the speed of technological evolution. In an exchange with ETHNews, Hinkes clarified his position:
"I expect that, upon establishing a 'blockchain' definition, more laws will be created to provide privileges or special treatment for 'blockchains' as defined (i.e., subsidies, tax breaks, different licensing requirements, etc.)
