In the U.S., at least two states are taking the matter of how to deal with the cryptocurrency space into their own hands.
A few states are moving forward with getting crypto-related bills passed into law, and their moves come as there is little guidance from federal policymakers.
Here we’ll go over some of these efforts.
Arizona is trying to pull off another crypto first
Then there is Arizona where pending legislation could result in it becoming the first state in the U.S. to allow certain concessions for cryptos, as far as taxes ar concerned.
The legislation being considered is Senate Bill 1091. It moved to the state’s House of Representatives for consideration on Monday after getting 16 yeas and 13 nays in the Senate last week. As of yesterday, it had been read in the House twice.
Representative Jeff Weninger is one of the sponsors of the bill. About it, he’s reported as saying:
“This is one of the many bills we use to send signals to everyone in the United States and possibly around the world that Arizona will be a place for Blockchain technology and digital currency.”
Quest to be the Blockchain Capital of the world
In Wyoming, a package of bills is being reviewed by Senate lawmakers after on Monday being unanimously approved by the state’s House of Representatives where it was introduced. If the Senate follows suit and passes the package of bills, it then goes to the governor to be signed into law, or vetoed.
The package is made up of two bills – House Bill 19 and House Bill 101.
House Bill 19 addresses the current illegality of people being able to buy, sell, own and mine Bitcoin in the state. Exchanges can’t operate in Wyoming because regulations don’t allow it.
House Bill 101 relates to Blockchain, which is an area that technology companies have been asking be addressed. HB 101 would give companies the option to store their internal documents on a private Blockchain.
We told you how the bills are thought to be what’s needed to help propel the Mountain State to being seen as the Blockchain Capital of the World. That’s ambitious, but that’s not deterred lawmakers who’ve recognized the value of Blockchain and how it can help its businesses and citizens prosper. House Representative Tyler Lindholm is a sponsor of both bills.
California sees value of Blockchain, too
Called the “Electronic records: the Uniform Electronic Transactions Act: blockchain technology,” California Assembly Bill 265 is on the move.It is an update to an existing state law so that Blockchain is used for smart contracts and electronic signatures.
Here’s an excerpt from the bill:
“Notwithstanding any other provision, a person who, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns, or has the right to use, retains the same rights of ownership or use in this state with respect to that information as before the person secured the information using blockchain technology.”
The next action on the legislation could happen in March.
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