Washington State Passes Senate Bill 5544 Aimed To Increase Native Blockchain Adoption.
Washington State Governor Jay Inslee has signed a bill into law that aims to broaden the state’s adoption of blockchain technology across various monetary and industrial sectors.
The law required Governor Inslee to form the Washington Blockchain Work Group, which will “look at various potential applications for blockchain technology.” The Work Group will be made up of seven government officials and eight leaders from various business associations across the state. It can conduct research on practical applications of blockchain technology and present a report on its findings to Governor Inslee by December 1, 2023.
Republican Senator Sharon Brown, who first proposed the bill, stated in an announcement that Washington state is demonstrating its ability to use blockchain technology “for the benefit of all Washington residents, employers, and employees,” including:
“This new regulation is an important first-step in creating an setting that’s welcoming of recent enterprise prospects, keen to hunt out new purposes, and keen to establish potential supply-chain administration and stem-education alternatives.“
This bill has had a turbulent history through the state legislature. It was first introduced in the Senate in 2019 but was denied by the governor in April of 2020. The state legislature then spent nearly two years fine-tuning it. Washington is the most recent in a long line of U.S. states to embrace blockchain technology or cryptocurrency in general, joining New York, Texas, and Wyoming.
Wyoming has earned a reputation as a forward-thinking regulatory haven for blockchain companies. It is the home of the crypto exchange Kraken’s financial institution and has recognized decentralized autonomous authorities (DAO) as legal entities. New York State is without a doubt one of the most essential crypto mining sites in the United States, accounting for 19.9 % of the country’s total Bitcoin hashrate.
Texas can also be a crypto mining hub because of its low-cost electrical energy and enormous amount of land accounting for over 14% of the nation’s hash fee. The state is experimenting with data centres that have flexible power sources, allowing them to switch to renewable vitality sources when the common energy grid is stressed.
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