We are always excited when policy makers get interested in the crypto sector. The policy makers in the state of Washington have always been very flexible and open to Blockchain and the related technology. Recently, there was an announcement in multiple news sources about a new decision that the Senate adopted.
The Senate formally adopted a bill into law that establishes a working group to examine "various potential applications of and policies for blockchain technology including, but not limited to, applications in computing, banking and other financial services, the real estate transaction process, health care, supply chain management, higher education, identity verification, and public record keeping to help attract and support employees and new businesses with a supportive ecosystem."
Take a look at this bill published online here.
https://legiscan.com/WA/text/SB5544/2021
The Work Group is supposed to submit its final report to the Governor and appropriate legislative committees by December 2023. The research that is required to understand the overall impact of the technology across all industry sectors will be massive. I am particularly interested on what the results will say on how disruptive the DeFi and NFTs have been in recent years. The report will also be beneficial as it may provide information for users and investors like us on where to invest next.
There are multiple applications that are related to blockchain tech. Let's see what the expert working group has to say.
Taking a quick look at the proposed bill, it is quite obvious that the policy makers are specially focused on environmental impact, energy need and security of the tech. It will be a good reference document for policy makers across the country and in other jurisdictions that follow the US lead on policy making.
The Senate Bill also notes the potential benefits to businesses in the state. It is not a hidden fact that there is a growing interest in the tech among businesses. The understanding of the tech will help jurisdictions attract new investments and retain talents. Jurisdictions will have to compete for these innovative growing companies in the future and we have already witnessed other governments recognizing the importance. Take a look at posts I published on Leofinance that talked about Alberta's growing interest.
What do you think? Do you think this is an important step for the tech and the policy sector in the US?
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