According to CryptoSlate, on January 25, the SB 5683 bill was introduced into the Washington State Senate. The Bill would help recognize the validity of Distributed ledger technology and would amend the original Washington Electronic Authentication Act, updating and revising the “purpose and construction” and the “definitions” area of the act.
The original purpose of the Act was to facilitate commerce by ensuring that new technological methods such as having electronic signatures are not denied legal recognition. The new bill is to be revised to include the encouragement of the development of ₿itcoin. It also contains two new definitions to the bill, one for ₿itcoin technology, and the other for distributed ledger technology.
Now this bill was sponsored by four Republican State Senators Sharon Brown, Ann Rivers, Randi Becker, and Shelly Short. While the Bill hasn’t been passed yet, it has completed its first reading and is now onto the committee to conduct analysis and research on the proposed amendment to the bill.
This is fantastic news for the ₿itcoin and crypto community, as we’re taking small steps to incorporate and legalize the new and emerging technology. Formal recognition and support of ₿itcoin is said to catalyze and accelerate ₿itcoin adoption, growth, and innovation. But it’s not just Washington State that’s big on the ₿itcoin. In the United States, there are some states that are also looking to ₿itcoin as the future. These include Wyoming, Ohio, and Washington DC.
What are your thoughts on this situation guys?
Do you think the lack of clear regulations is acting as a ceiling on the crypto industry?
And do you think these states’ are doing enough to get crypto and ₿itcoin into the bill?
It’s Cindy with CryptoPig, Catch you guys around!
For up to date news you can check out: http://cryptopig.com
Join our team on Telegram: https://t.me/cryptopiggroup
Follow us on Twitter: https://twitter.com/cryptopigmedia
We want to hear from you, so please let us know what you would like us to research!