According to reports in the United States, legislators in no less than 17 state capitals have chosen to introduce bills that could result in the normalization of crypto assets and the Blockchain technology. It is still only one month into 2019, and the state legislators have started to dip their toes in the cryptocurrency space and its underlying technology.
17 States Have Introduced Bill’s Indicating a Huge Step Towards the Normalization of the Crypto Sector
Many of the bills that have been introduced in recent weeks on the issues affecting the 17 states so far all call for the deployment of legislative task forces and joint government-business study groups. It appears legislators want to show that it is their intention for the state governments to understand the ins and outs of the FinTech industry before they can give the go-ahead for cryptocurrency and the Blockchain technology to be a part of the everyday regulatory atmosphere as an alternative way to conducting business.
Chamber of Digital Commerce Chief Policy Officer Sees Momentum
According to Amy Davine Kim the Chamber of Digital Commerce Chief Policy Officer:
“Legislators are now eager to show that they are open to the idea of allowing Blockchain businesses move in. They are looking to know what the crypto industry truly wants. They are trying to be supportive of the space.”
The chief policy executive officer said efforts to advance the Blockchain technology and crypto in State Houses have garnered non-partisan flavor.
“People on either side of the aisle have a stake on this.”
A toolkit designed by the Digital Chamber for the state legislators boasts that the Blockchain initiative has the promise to make extraordinary and sustainable economic growth in a cost-efficient manner.
Mary Pfaff follows the legislative actions for the Conference of State Bank Supervisors, remarked that she had seen many bills that permit the payment of taxes in crypto as well as bills designed to broaden the use of virtual currency.
Legislators in the U.S state of Wyoming have steered their state ahead of the pack. According to Pfaff:
“They are looking to make Wyoming the foundation for innovators in the cryptocurrency and Blockchain sector”.
Last year, the state of Wyoming changed their tax code. Now, other Wyoming laws that encourage fintech firms to come into the state have been reported.
This year, there is even more legislation placing Wyoming as the only state after Arizona to run a light regulatory system on digital currencies in a bid to find a place for fintech startups.
One of the Bills in Wyoming Will Launch a Unique Bank for Blockchain Firms to Transact With Digital Assets
There’s a bill that would launch a special bank for blockchain companies to carry out transactions with crypto.
Heather Morton who is a National Conference of State Legislatures analyst said there are more and more bills now than there ever was by this time last year.
She finally added that legislation had been introduced to authorize the Blockchain technology for corporate records. It is obvious that the state of Wyoming is spearheading the charge to normalize crypto and Blockchain. Whether these strides will affect the market condition remains to be seen.