Washington State Passes New Blockchain Law

The state of Washington has announced the approval of a new bill on blockchain technology. The provisioning from this legislation will help to  facilitate Washington state’s rising adoption of Web3 innovation.

This new law will also develop a blockchain technology working group, which is set to meet later this year. 

Blockchain adoption and  Regulation on the rise

Following the news about the approval of the Washington bill, users across the space are already commending the growth in crypto adoption from state to state and from country to country. 

The  Governor of the state of Washington, Jay Inslee has signed the Blockchain bill 5544 into law. This hard-won crypto bill gives mandates for the establishment of a blockchain technology working group, which will be tasked with conducting research on the various applications of the technology.

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The Washington Blockchain Work Group, as the group created under this new bill will be called, is set to commence operations later in the year. The body is tasked with exploring the numerous possible use-cases for blockchain technology. The group is set to be composed of state lawmakers, financial institutions, trade associations, and various other types of stakeholders – with the first meeting slated for Dec. 1 of this year. One year later, it is scheduled to release its findings as a report to Washington’s governor.

The new crypto regulation law finally got approval after three years of deliberation and was first put forward by the state senator Sharon Brown and vetoed by the state’s governor in the spring of 2020. It is already being endorsed with the support of  State senator Brown and a few legislators in both the House and the Senate of Washington. The non-profit Washington Technology Industry Association  also endorsed the bill as well.

On the bill’s passing, Brown said:

“By creating the Washington Blockchain Work Group we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers”

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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