Washington State Passes New Blockchain Law – Crypto Briefing

Don’t Miss Market Moving News
Washington has passed a new bill on blockchain technology. The new legislation is meant to facilitate Washington state’s increased adoption of Web3 innovation.
State by state and country by country, crypto regulation is on the rise.
Jay Inslee, the governor of the U.S. state of Washington, has signed Blockchain Bill 5544. The long-fought for crypto bill mandates the creation of a blockchain technology working group, which will research various applications of the technology.
The group set to be created by the new bill will be dubbed the Washington Blockchain Work Group. The body is tasked with exploring the many possible use-cases for blockchain technology.
State lawmakers, financial institutions, trade associations, and various other types of stakeholders will make up the working group. Its first meeting is slated for Dec. 1 of this year. One year later, it is scheduled to release its findings as a report to Washington’s governor.
After three years of wading through the state legislature, first put forward by the state senator Sharon Brown and vetoed by the state’s governor in the spring of 2020, the new regulation has passed following the dialogue conducted amongst the state legislators that led to the version now approved. State senator Brown achieved bipartisan support in both the House and the Senate of Washington. The non-profit Washington Technology Industry Association endorsed the bill as well.
On the bill’s passing, Brown said:
“By creating the Washington Blockchain Work Group we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.”
Hundreds of blockchain-focused startups already operate in the northwestern state. Other state lawmakers across the U.S. also seem to be approaching crypto with open arms, particularly in  Colorado, Arizona, and Florida. In both Colorado and Florida there have been moves made to begin accepting tax payments in crypto, while in Arizona one lawmaker has even proposed making Bitcoin legal tender.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. 
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox.