Main page News, US, Blockchain, Regulations

A working group on the study of blockchain will appear in the United States by July 1, 2019

The bill calling for the creation of a working group to study blockchain technology has been passed by both houses of U.S. California legislature. Now California Governor Jerry Brown has 30 days to approve or veto the law.

If the the Assembly Bill (AB) 2658 enters into force, the working group should be created before July 1, 2019.

The group has to consist of specialists from technological and non-technological fields. It will also include legal representatives and organizations dealing with confidentiality issues.

It is also required to include the State Information Director and the Director of Finance or their appointed representatives, one member of the Senate and one member of the Assembly.

The presentation day in front of the Legislative Assembly for the study “on the potential uses, risks, and benefits of the use of blockchain technology by state government and California-based businesses”’ is set to be on July 1, 2020.

The bill should create legal grounds and officially define what the blockchain technology is. According to the document, the blockchain currently is “a mathematically secured, chronological, and decentralized ledger or database,” however, the validity of this definition will end in 2022.

WHY IS IT IMPORTANT?

  • According to the public records, both the state senate and general assembly have passed the bill with an overwhelming majority, giving it more chances to avoid the potential veto from the Governor.
  • A similar bill has been signed in another state. In June Connecticut Governor approved and signed SB 443 into law, enabling the creation of a blockchain working group in their state. A plan of blockchain expansion in the state is also expected.
Read also:
Please describe the error
Close