Washington state passes bill aiming to expand local blockchain adoption

Usa New York state Texas Washington state Washington state New York county Brown state Wyoming city Washington county Jay regulation New York State Texas

31.03.2022 - 07:59

Reading now: 595

cointelegraph.com:

Three years and one veto after it was first proposed, Washington state Governor Jay Inslee has signed a bill into law today that aims to expand the state’s adoption of blockchain technology across various financial and industrial sectors.

The law saw Governor Inslee order the formation of the Washington Blockchain Work Group which will “examine various potential applications for blockchain technology.” The Work Group will be composed of seven government officials and eight leaders of various trade associations across the state. It will study practical applications of blockchain technology and present a report on its findings to Governor Inslee by Dec. 1, 2023.

Republican Senator Sharon Brown, who originally proposed the bill, stated in an announcement that Washington state is showing that it’s ready to utilize blockchain technology “for the benefit of all Washington residents, employers, and workers,” adding:

This bill has had a turbulent history through the state’s legislature. It was first proposed in the Senate in 2019, but was eventually vetoed by the governor in April of 2020. State lawmakers then spent nearly two more years fine-tuning it.

Washington is the latest among a number of U.S. states to have embraced blockchain technology or cryptocurrency at large, including New York, Texas and Wyoming.

Wyoming has gained a reputation as a forward thinking regulatory haven for blockchain companies. It is the home of crypto exchange Kraken’s bank and has recognized decentralized autonomous authorities (DAO) as legal entities.

New York state is one of the biggest sites for crypto mining in the U.S. by contributing 19.9% of the country’s total Bitcoin hashrate, according to CNBC.

Related: Is Austin the next US crypto hub?