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The governor of Washington's northwest pacific state has finally signed a measure into law creating a working committee to investigate how blockchain can improve industry and trade.
Governor Jay Inslee of Washington signed a bill into law today that intends to increase the state's adoption of blockchain technology across multiple financial and industrial sectors, three years and one veto after it was initially submitted.
Seven government officials and eight leaders from various trade organisations from across the state will make up the Work Group. It will research practical blockchain uses and submit a report to Governor Jay Inslee by December 1, 2023.
Senator Sharon Brown, a Republican from Washington, said in a statement that the state is demonstrating its readiness to use blockchain technology “for the benefit of all Washington residents, employers, and workers,” noting:
“This new law is a vital first-step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities.”
This bill has had a long and tumultuous path through the state legislature. It was initially introduced in the Senate in 2019, but the governor vetoed it in April of 2020. After that, state legislators spent nearly two years fine-tuning it.
Washington is the most recent of a handful of states in the United States to adopt blockchain technology or cryptocurrencies in general, including New York, Texas, and Wyoming.
Wyoming has a reputation for being a forward-thinking regulatory refuge for blockchain startups. It has recognized decentralized autonomous authorities (DAO) as legal organizations and is home to crypto exchange Kraken’s bank.
According to CNBC, New York state is one of the most important crypto mining locations in the United States, accounting for 19.9% of the country’s overall Bitcoin hashrate.
