US States working on blockchain legislation in 2017

At least eight US States have worked on bills accepting or promoting the use of Bitcoin and Blockchain technology this year, and a duo of them have already passed them into law. The bills cover a broad range of purposes, from enlargening transparency in State operations to protecting consumers from added taxation. Some have been very specific, defining blockchains and clever contracts, while describing the technology as “immutable” and providing “uncensored truth.”

The most latest State in the union to pass legislation concerning blockchain technology was Vermont, which passed Senate Bill one hundred thirty five in both the Vermont House and Senate on Friday. The part that pertains to Blockchain technology calls for any “fact or record” verified through the use of a blockchain to be “authentic.” This gives Blockchain-notarized documents, including those on the Bitcoin blockchain, added legal bearing in a court of law. The bill is presently waiting on the Governor’s signature before officially becoming law.

The State of Arizona also recently passed a bill, one that explicitly defines and supports blockchain technology for public use. On March 29th, the State Governor signed House Bill two thousand four hundred seventeen into law, enacted instantaneously. The legislation defines both blockchains and brainy contracts, while announcing that all data tied to a blockchain is “considered to be in an electronic format and to be an electronic record,” which is acceptable for use by the state.

“’Blockchain technology’ means distributed ledger technology that uses a distributed, decentralized, collective and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable and provides an uncensored truth.”

– Arizona House Bill 2417

The bill received almost unanimous support from legislators, with only one vote against the legislation in the Senate, and none against in the House. Despite the bipartisan support, previous Arizona blockchain-related legislation, House Bill 2216, blocked the use of Blockchain technology. HB two thousand two hundred sixteen has not yet passed, but has very little opposition, and makes it a felony to subject citizens to having their guns tracked on a blockchain.

In Maine, Senate Bill nine hundred fifty instigates a 90-day field explore to learn the effects of, “Using Blockchain Technology in Conjunction with Paper Ballots in Maine Elections.” The House and Senate have both forwarded the bill, so it does not need to be voted on to be passed. Results from the explore must be introduced to the Senate in December.

Nevada’s Senate Bill three hundred ninety eight recognizes and authorizes “the use of blockchain technology” and wise contracts by Nevada residents. While reserving the right to use Blockchains and wise contracts, the legislation mainly serves as a way to ensure that State government will not prevent residents from doing so.

No governmental entity, Bill three hundred ninety eight proclaims, can impose taxes or fees on blockchains or on clever contracts. Nor can any government department License or issue permits for using them. The youthfull bill is still in committee after a very first reading to the Senate on March 20,.

Despite the State of Hawaii recently re-classifying cryptocurrency-using businesses as Money Transmitters, forcing Coinbase to stop doing business within the state, the Hawaiian state legislature is close to passing House Bill 1481. The tourism focused bill considers several ways in which Bitcoin and blockchain technology can help the State develop economically. “Digital currencies such as bitcoin have broad benefits for Hawaii,” the bill reads. While awaiting a vote by both branches, the bill has passed several committees.

“A large portion of Hawaii’s tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding. Hawaii has the unique chance to explore the use of blockchain technology to make it lighter for visitors to consume local goods and services and to drive the tourism economy.”

– Hawaii House Bill 1481

Illinois House Resolution 120, known as the “Blockchain Task Force Resolution,” was at the same time created in both the House and Senate as a joint resolution calling for a deep investigation into the technology. The official statement calls for the creation of “the Illinois Legislative Blockchain and Distributed Ledger Task Force,” to investigate how and if the State of Illinois, county governments, and municipal governments can benefit from a transition to a blockchain based system for recordkeeping and service delivery. The legislation has passed a House vote and is now waiting on a Senate vote.

January’s North Dakota Senate Bill two thousand one hundred is one of the few bills to mention Bitcoin, calling for a specific explore to consider “the feasibility and desirability of regulating virtual currency, such as bitcoin.” While it was passed unanimously in the Senate, a nearly-unanimous House vote against it has followed soon after.

A bill from California, Senate Bill 741, only mentions Bitcoin momentarily, as it authorizes organizations to hold charitable raffles. “A raffle ticket shall not be sold in exchange for Bitcoin or any other cryptocurrency,” the bill stated, in what may be the very first time Bitcoins have been specifically outlawed by a State congress from being used in a specific way. The bill is still in committee.

On the federal level, no bills have been submitted. However, in September two thousand sixteen the US House of Representatives proposed the non-binding Resolution 835, promoting economic growth nationally. While the document is not a bill and cannot become law, it calls on Congress to create a national policy for specific technology, including digital currencies and blockchain.

“The House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial implements and online commerce to promote economic growth and consumer empowerment.”

– US House of Representatives House Resolution 835

Related video:

admin_en |

Related Posts

Без кейворда Blockchain is being touted around the world as a disruptive technology that could revolutionize finance, trade, legal systems, digital media, and much more. But blockchain tech has one big obstacle: it’s hard to wrap your head around. To help laymen better understand blockchain, we reached out to Bitcoin experts around the globe.

What happens to your bitcoins in case of a chain-split? As we treatment closer to August 1st, we have noticed the enhancing frequency of questions regarding the potential Bitcoin split. In essence, our community is wondering what will happen to Bitcoin and if their bitcoins, protected by TREZOR, will be safe.

Advertisement Understanding Block Chain and Distributed Financial Technology: Fresh Rails for Payments and an Analysis of Article 4A of the UCC Jessie Cheng, Benjamin Geva About the Authors: Jessie Cheng is presently deputy general counsel at Ripple and vice chair of the Payments Subcommittee of the ABA Business Law Section’s Uniform Commercial Code Committee.

Leave a Reply

Your email address will not be published. Required fields are marked *