On 28th September, Jerry Brown, the Governor of California passed two law bills supporting the development and adoption of the blockchain technology.
A press release of the same stated that the State of California has recognized the potential of the blockchain technology in empowering businesses, which will further add a huge economic edge to the world’s fifth largest economy. The official press release also stated:
“California, a global leader in technology takes a giant leap forward with two new laws that define and recognize the emerging blockchain technology, empower businesses to use it for records and promote blockchain research and public/private partnerships.”
The blockchain bills are called AB 2658 and SB 838 and have been drafted by Ian Calderon and Sen, respectively. Ian Calderon, an Assembly member updated the Uniform Electronic Transactions Act with the definition of the blockchain technology to include it into the law.
The bill further suggests that a group is created that will work on the regulatory frameworks and represent the blockchain industry in California.
The Director of the Blockchain Advocacy Coalition, Ally Madina also mentioned the potential of the industry. She said that blockchain has the capacity to propel the progress of other industries in the future as well. In her words:
“Blockchain has the potential to revolutionize many industries in the near future. It is vital that California recognizes and supports this industry as an economic driver in our state”
She further added:
“These are common sense bills that send the message that California supports innovation and the blockchain industry- Governor Brown, Senator Hertzberg and Assemblymember Calderon have all demonstrated the forward-thinking leadership we need in Sacramento.”
The Blockchain Advocacy Coalition [BAC], which is a blockchain regulatory body was also stated to be working since early spring to support the two bills on being passed. The body has testified several committee hearings and actively participated in a blockchain education event in Sacramento by meeting with 32 legislative offices on the day. The members of BAC also sent letters of support to the government and made many efforts in connecting industry experts with legislators.
Robert Hertzberg, a US Senator also commented at the onset of the blockchain laws. He said that California is a state of innovations and opportunities. He also acknowledged the fact that blockchain can assist in preventing the issues regarding fraud in order to solidify consumer protection. He added:
“That it was signed into law is a great testament to the work being done around the state by folks like the Blockchain Advocacy Coalition to advance this rapidly growing technology.”
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