Despite many people knowing about the profound capabilities of blockchain technology, there still isn’t any federal legislation available to make it mainstream. This includes using bitcoin, with blockchain being the cryptocurrency’s technological backbone.
It’s not to say many states aren’t trying to enact legislation to make this technology (and bitcoin) an everyday tool for secure and transparent transactions.
Recently, reports came out about eight U.S. states enacting bills to make the above happen. Take a look at what some states are doing, including sideline attempts by the federal government.
The Two States Enacting Blockchain Laws
Vermont and Arizona successfully enacted bills that bring blockchain technology to the fore. These states could become the real catalysts toward other states fast-forwarding similar legislation.
Out of the two, only Arizona has become the first state to officially sign it into law via their governor. The law helps support public use for blockchain in virtually any industry.
In Vermont, their bill puts forth the same idea. Nevertheless, it has yet to get an official governor signature as of this writing.
Other States Working on Blockchain Bills
The chances for blockchain becoming more strongly supported in individual states is far from done. Maine recently created a bill asking for a 90-day study on how the technology could work with paper ballots in local elections.
Hawaii is close to passing a blockchain bill that promotes using the technology to help the state economically. It’s not out of the possibility Hawaii could help tip the scales on the U.S. using digital currencies sooner rather than later.
Other states are merely passing blockchain bills to study the technological feasibility. This still shows the interest in it, plus how it’s going to benefit the government and ordinary citizens.
In California, it’s more about disallowing bitcoin from being used in exchange for a charitable raffle ticket.
What About Pending Federal Laws?
Much of this is still up in the air, despite Resolution 835 being the most recent to mention anything about digital currencies. The resolution merely calls on Congress to create national policy for technologies like bitcoin.
When this happens is anyone’s guess. Yet, perhaps we can say when Arizona goes, so goes the nation on finally getting it about blockchain’s possibilities.