S. 553 would require the Department of Commerce to establish a blockchain working group with governmental and nongovernmental members. Within one year of enactment, the bill would require the group to recommend a working definition of blockchain technology, research topics, and opportunities for federal agencies to use blockchain.
Because there is already a blockchain working group within the department, and based on information from the National Institute of Standards and Technology (NIST), CBO estimates that implementing S. 553 would cost less than $500,000 in fiscal year 2020; any spending would be subject to the availability of appropriated funds. CBO expects that the group would primarily rely on a report that NIST published in October 2018.