California Passes Two Pro-Blockchain Bills
The last week of September, California Governor Jerry Brown passed two bills supporting to adoption and development of two blockchain bills. In a press release, the government discussed the potential of blockchain technology, its ability to empower businesses, and the potential to increase the state’s economic edge.
The official press release stated:
California, a global leader in technology takes a giant leap forward with two new laws that define and recognize emerging blockchain technology, empower businesses to use it for records and promote blockchain research and public/private partnerships.
The blockchain bills define blockchain technology and suggest that a group is created that will work on the regulatory framework and represent the blockchain industry in California. Ally Medina, the Direct of Blockchain Advocacy Coalition, further mentioned that the potential industry has the capacity to propel the progress of other industries in the future too. As she mentioned:
“Blockchain has the potential to revolutionize many industries in the near future. It is vital that California recognizes and supports this industry as an economic driver in our state.”
She also added:
“These are common sense bills that send the message that California supports innovation and the blockchain industry. Governor Brown, Senator Hertzberg and Assembly member Calderon have all demonstrated the forward-thinking leadership we need in Sacramento.”
BAC, the Blockchain Advocacy Group, is a regulatory body that was established last spring to support the passage of the two bills. The body testified at several committee hearings and participated in blockchain education in Sacramento by meeting with 32 legislative officers on the day. Members of BAC also dispatched letters of support to the government and made efforts in connecting industry experts with legislators.
Hertzberg, a US Senator also discussed the blockchain technology laws and mentioned that California is innovative and has opportunities. He also acknowledged that blockchain technology can assist in preventing issues of fraud to solidify consumer protection. He also added that:
“It was signed into law, is a great testament to the work being down around the state by the folks like the Blockchain Advocacy Coalition to advance this rapidly growing technology.”