The bill was finally passed into law to enable industries and other businesses to benefit from the opportunities of blockchain technology.
The adoption of the blockchain technology bill has been signed into law by Governor Jay Inslee of Washington which is aimed to have a significant impact across multiple financial and industrial sectors. This development comes three years after it was initially submitted.
Governor Jay Inslee signed the bill into law, forming the Washington Blockchain Work Group to “explore various possible applications for blockchain technology.” Seven government officials and eight leaders from various trade organizations 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, the bill’s original sponsor, said in a statement that Washington is demonstrating its readiness to use blockchain technology “for the benefit of all Washington residents, employers, and workers,” adding:
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 hash rate.
Because of its cheap electricity and quantity of land, Texas is also a major crypto mining region, accounting for about 14% of the country’s hash rate. When the standard power system is stretched, the state is experimenting with data centers that have flexible power sources, which allow them to transition to renewable energy sources.