A Step in the Right Direction
Regulators and legislators are beginning to prioritize cryptocurrency and blockchain policy. Recently, multiple states in the U.S. have been making headlines due to their progressive legislation or use of blockchain in real word applications.
It was recently announced that in Denver, Colorado, the state would be using blockchain technology for recording votes in upcoming municipal elections. Along with this, Colorado Governor Jared Polis recently signed the “Digital Token Act” into law on March 8th which exempts cryptocurrencies from state securities laws under some certain conditions. While the mid-west of the U.S. is making progressive steps toward cryptocurrency regulation and legislation, the north-east is also taking some meaningful steps.
Recently, the state of Connecticut filed a bill proposing that blockchain based smart contracts should be recognized by the state as law, allowing businesses to use smart contracts for commerce in the state. Just to the North of Connecticut, the states of Massachusetts who previously did not want to touch crypto legislation is now also getting involved.
The Path to Mainstream Adoption
While it is exciting to see some states in the U.S. taking progressive actions toward cryptocurrency related laws, it is also important to note that these are the sorts of steps that begin mainstream adoption. For the masses to feel comfortable with something generally they want to comply completely with the law, knowing that they are not crossing into any questionable or “grey” area.
For the masses to begin to use cryptocurrency and blockchain based technologies, it is important for states and regulators to lay down the proper framework. Throughout 2019 states are taking it upon themselves to begin to push new regulations and bills to help begin this mainstream adoption transition.
As mentioned earlier, the state of Colorado recently reported that the city of Denver is planning to use a blockchain based mobile application to allow the people of Colorado to vote remotely from their smartphones for municipal elections upcoming in May of 2019. This blockchain based mobile applications will allow eligible voters to cast their votes from home, at the local park, or even overseas.
This blockchain based mobile application will be launched as a collaboration between the City and County of Denver, the National Cybersecurity Center, Tusk Philanthropies, and Voatz. Voatz is a blockchain portfolio company of Overstock.com that features a mobile election voting system that the city of Denver is planning to use for upcoming municipal elections.
The voting system Voatz uses is powered by military grade smart biometric technology that pairs with government issued ID verification, all on blockchain technology to ensure transparency when users are vesting votes. An interesting note is that Voatz already has already successfully administered West Virginia federal elections using blockchain technology.
Along with using blockchain based technology to record municipal votes, Colorado Governor Jared Polis recently signed the “Digital Token Act” on March 8th. This new legislation signed by “bitcoin fan” and Governor Jared Polis exempts crypto broker-dealers and salespeople from state licensing requirements under some circumstances, attempting to make it easier for some businesses to deal with cryptocurrency.
This is partially an attempt by the Governor to “elevate Colorado into a tech hub for decentralized “Web 3.0” platforms by making it easier for entrepreneurs to launch blockchain and crypto-centric businesses” (Chang, CCN). The general idea is that the current regulatory framework is complex and a bit unnecessary, so the Governor is attempting to make it easier for businesses to operate and carry out the normal day-to-day without jumping through major legislative obstacles.
In the fight to make cryptocurrency regulation easier for businesses, the state of Connecticut is currently pushing through a house bill to recognize blockchain smart contracts as law. This would allow businesses in the state of Connecticut to use blockchain smart contracts in businesses and would give equal rights to forms that use smart contracts on a blockchain. Last year,
Smart Contract Use
Ohio passed a bill that legally recognizes blockchain smart contracts. The step to clarify and begin to lay the framework for how businesses should treat smart contracts and blockchain technology in operation will be very important for encouraging innovation and progressing adoption moving forward.
Neighboring the state of Connecticut to the North, Massachusetts recently has also been making an impact in regard to cryptocurrency regulation. CCN’s Gerelyn Terzo reports that the effort to push Massachusetts to have more progressive cryptocurrency legislation is being led by Sharon Goldberg who is the founder and CEO of a Boston-based crypto security startup called “Arwen.”
The Secretary of the Commonwealth of Massachusetts, William Galvin has previously stated that bitcoin is a “speculative bubble” but has recently come around and stated that “this collaboration will help advise securities regulators on meeting the novel demands of this rapidly growing space” recognizing the gravity and size of the overall cryptocurrency environment.
While the United States federal government has not recently passed any overly significant legislation dealing with cryptocurrency, on a state level, the states are working to pass more progressive legislation, helping clarify and change the current cryptocurrency regulatory framework. It is very encouraging to see states passing progressive legislation because eventually the Unlisted States federal government will recognize this and catch on. Regulators and legislators beginning to prioritize cryptocurrency and blockchain policy, and this is a positive step to global adoption.
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About The Dragon
“The Dragon” is a technical analyst and writer who discovered bitcoin back in 2016. Intrigued with the technical aspects of the ecosystem, the concept of mining is what initially grabbed the Dragon’s interest. Along with currently studying computer science the Dragon is focused on bringing quality and helpful content to the Cryptocurrency space.
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