Subscribe
November 1, 2026
Sign In

Capitalizations Index – B ∞/21M

Menu
Breaking
Bitcoin Surges: Market Cap Tops $1 Trillion Record Bitcoin’s Volatile Journey: Uphill Trajectory and Market Fluctuations Mastering Seed Phrase Security in Bitcoin Wallets The Permanent Consequence of Losing Your Bitcoin Private Key Why Bitcoin’s Fixed Supply Makes It Deflationary: An In-Depth Analysis

Washington State Recognizes the Validity of Blockchain Technology in New Bill

Washington State Recognizes the Validity of Blockchain Technology in New Bill

The Washington State Senate introduced bill SB 5638, an act that recognizes the validity of distributed ledger technology and aims to provide the legal recognition that blockchains were missing, the State’s authorities announced on January 28, 2019.

New Bill Aims to Encourage the Development of Blockchain and DLT

While the future of cryptocurrencies and the technology underlying them is still largely unknown, certain “crypto hotspots” have formed around the world offering a boost to the industry. One of those hotspots is the Washington State in the U.S., where low electricity prices and a welcoming government made it a promised land for crypto miners and blockchain companies.

Now, the state has introduced a new bill that aims to further encourage the development of distributed ledger and blockchain technology. According to the Washington State Legislature, the Washington State Senate introduced SB 5638, an act “relating to the recognizing the validity of distributed ledger technology.” The bill, introduced on January 25, 2019, will reportedly amend and add to an act that is already in state law.

The new bill aims to codify blockchain-enabled digital signatures and licenses, as well as provide the legal framework needed to enforce the newly implemented standards.

Amending An Old Authentication Act

The new bill was created as a revision of the “Washington Electronic Authentication Act,” an act passed back in 1994. The purpose of the original bill was to ensure that “electronic signatures,” which was a relatively new phenomenon then, were not denied legal recognition.

While there are many sections of the act that the new bill revised, the most important change is the addition of the blockchain sector to the list of things protected by the act. The bill also added two new definitions – the terms blockchain and distributed ledger technology were clearly explained in the document.

Despite the fact that Democrats control both houses of the Washington State Legislature, the bill is sponsored by four Republican State Senators. According to the Legislature’s official website, Senators Sharon Brown, Ann Rivers, Randi Becker, and Shelly Short have all backed the bill, which has completed its first reading as of January 28, 2019.

Advertisement

Advertisement

The bill is now headed to committee, where it will be subjected to detailed analysis by the state authorities. After sufficient research has been done on the subject, the committee will go ahead with the proposed legislation. And while the bill itself won’t bring any meaningful change unless it’s passed into law, giving the space formal recognition could accelerate the growth of the state’s already booming crypto industry.

Washington state recognizes the validity of blockchain technology in new bill

Like BTCMANAGER? Send us a tip!
Our bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Published at Tue, 29 Jan 2019 03:00:50 +0000

Previous Article

Bitcoin SV: The Original ₿itcoin & Global Public Blockchain for Enterprise – Jimmy Nguyen

 Next Article

Crypto Mining Could Bring Russia $1B in Taxes, Report Suggests

You might be interested in …

Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover

Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.

Major Market Correction

The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.

Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.

bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.

Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.

He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction

“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,” said Lee.

Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.

bitcoin Has Had Many Major Corrections of Similar Scale

Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.

As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.

In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.

The post Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover appeared first on NEWSBTC.

Blockchain Developer (Solidity Preferred)

Blockchain Developer (Solidity Preferred) Blockchain is an emerging technology that promises to change the world we live in! Our client located in New York City is looking for Blockchain Developer that… Blue Horizon Tek SolutionsCoconut […]

Close Menu