Washington State Senate Recognizes the Validity of Distributed Ledger Technology via SB 5638 Bill
The Washington State Senate wants to recognize the validity of blockchain technology. The Senate has already introduced the bill SB 5638 that recognizes the validity of distributed ledger technology (DLT). The information was released by local authorities on January 28.
Regulatory agencies and governments all over the world did not take important steps in recognizing blockchain technology and digital currencies. However, this could be changing. The Washington Senate in the United States is becoming an important hotspot for digital currencies.
The new bill aims at encouraging the development of blockchain technology. The local Legislature introduced the SB 5638 bill that recognizes the validity of distributed ledger technology. This bill was introduced back on January 25, and it will amend an act already available in the state.
This new bill was created by lawmakers following the ‘Washington Electronic Authentication Act,’ which was passed back in 1994. At that time, companies and individuals were starting to work with digital signatures, something new for firms and the world.
Although there will be several sections revised, the intention is to add the addition of the blockchain sector as protected by this act. Furthermore, blockchain and distributed ledger technology will also be clearly defined in this document. The bill was presented by Senators Sharon Brown, Ann Rivers, Randi Becker, and Shelly Short.
Now, this bill will be analyzed by state authorities. After research is done on the matter, the committee will be moving forward with this proposed legislation.
There are different countries that are starting to implement different regulations on the crypto market. One of the first things that regulatory agencies try to do is to clearly define virtual currencies, blockchain technology and other important terms related to the digital asset market.