Washington State Governor Jay Inslee greenlit the long-awaited blockchain legislation bill. The enactment of the new law will facilitate blockchain implementation across multiple sectors including industries and financial institutions.
Washington Blockchain Adoption Law
The blockchain law has been a long time coming, first proposed 3 years ago vetoed. To start things off, the State will form a committee to observe the potential areas of blockchain application. The Washington Blockchain Work Group will comprise 7 government officials and 8 trade association leaders within the state. The group is tasked with studying practical areas of blockchain implementation and presenting a detailed report to the Governor within 1st December 2023.
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Previous Attempts in Blockchain Adoption
The initially proposed bill appeared in the Senate in 2019 and was rejected by the governor in April the following year. State legislators made adjustments and corrections for two whole years before finally presenting it again.
The blockchain bill was originally proposed by Senator Sharon Brown, who acknowledged Washington’s readiness to explore avenues for blockchain incorporation by stating:
“This new law is a vital first-step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities.”
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Blockchain Adoption in the Other US States
The adoption of blockchain technology adds Washington as the latest among the US States to welcome blockchain and digital assets in a holistic manner. Others include New York, Texas, and Wyoming. Wyoming. Wyoming, in particular, has been at the forefront of blockchain and crypto revolution, housing Kraken’s bank and acknowledging the legal entity of DAOs(Decentralized Autonomous Organizations).
On the other hand, NY contributes 19.9% to the nation’s total Bitcoin hash rate, making it one of the most prominent hotspots for bitcoin mining. Other majors mining hubs include Texas(>14%), a state with affordable electricity and an abundance of land. The state is currently undergoing experiments to switch to renewable resource for power upon stressful load conditions.
The passing of the legal bill and the upcoming working committee will usher in a new era of development for Washington state with one of the most disruptive technologies of present times- blockchain technology.