Washington Signs Blockchain Work Group Bill into Law

On Wednesday, Washington state Governor Jay Inslee signed off on a new crypto-positive law.  The law details plans to see blockchain technology further incorporated into the state’s financial sector.

Open to New Developments

The bill first appeared before the senate in 2019 when Republican Senator Sharon Brown submitted the original proposal. Supported by the WTIA, the proposal was crafted to help establish Washington as a significant leader in blockchain tech.

In  the past years, WTIA and Senator Sharon remain the biggest proponents of the recently signed bill. The WTIA (Washington Technology Industry Association) is a non-profit organization that hopes to foster a robust, equity-centered technology sector, by recruiting tech companies into its association.

Now signed, the proposal’s stipulations will see to the establishment of a Washington blockchain work group.

After the bill’s first rejection in 2019, the governor once again dismissed it in April 2020. Over the next 2 years, Senator Brown revised the bill before a final successful submission.

In a statement, Brown expressed her pleasure at seeing this happen. The senator noted that more organizations were adopting blockchain to improve the quality of their services. As a result, the bill places Washington on a path that could open it up to a myriad of opportunities.

I am pleased to see this legislation signed into law,” 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.” 

According to the senator, the newly-formed Washington Blockchain Work Group will probe into the various ways the state can utilize distributed ledger technology. This extends across the banking, computing, real estate, and healthcare sectors among various others. The group’s membership currently comprises 7 government officials and 8 heads from trade unions across Washington.

U.S. to Probe Further into Crypto and Blockchain

According to the public release, Washington stakeholders hope the initiative will pull the state ahead of other jurisdictions in terms of blockchain development. However, it is undeniable that the state has ways to go. Texas, Wyoming, and New York are some states that have opened their doors to the digital sphere and crypto industry by extension.

New York is one of the US’ largest mining hotspots with Texas not far behind. The big apple is responsible for nearly 20% of the total Bitcoin hashrate for the entire country. Texas, on account of its plentiful energy supply and vast space, hosts a little over 14%.

At the moment, the state is looking to transition to clean, sustainable energy sources. Texas is exploring how flexible data centers might lessen the burden of the power grid and hasten the shift nationwide.

Similarly, Wyoming has also made significant progress with crypto laws. The state government recently acknowledged DAOs as legal entities. Additionally, crypto-friendly regulation in the state makes it a conducive environment for firms and businesses in the blockchain space. It is currently home to the exchange platform Kraken’s bank.

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The United States in general appears intent on clearer crypto policies. President Joe Biden recently signed an executive order calling for a more defined strategy regarding crypto regulation. Going by these events, America’s digital space could be ready for several changes through this year and the next.

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