Blockchain Law (from bc-interns-2021)

# Blockchain Law (from bc-interns-2021) ###### tags: `Old bc-interns Projects` # United States Congress * [H.R.8215](https://www.congress.gov/bill/116th-congress/house-bill/8215/text?r=2&s=1), [Improving Digital Identity Act of 2020](https://www.congress.gov/bill/116th-congress/house-bill/8215?r=2&s=1), was introduced in the House on 9/11/2020, to establish a governmentwide approach to improving digital identity, and for other purposes. It was referred to the Committee on Oversight and Reform, as well as the Committees on Science, Space and Technology, and Ways and Means. # Wyoming ## Important Upcoming Dates * The Wyoming Select Committee on Blockchain, Financial Technology and Digital Innovation Technology will hold its next meeting on June 14, and 15, 2022 in Sheridan. ## Sources * https://www.wyoleg.gov/ * [Select Committee on Blockchain, Financial Technology and Digital Innovation Technology's YouTube page](https://www.youtube.com/playlist?list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH) ## Relevant Laws Wyoming Has Enacted * [2018 House Bill 101](https://www.wyoleg.gov/Legislation/2018/HB0101) authorized digital corporate records and shareholders represented by keys and became effective March 10, 2018. * [2019 House Bill 57](https://wyoleg.gov/2019/Enroll/HB0057.pdf) created a financial technology sandbox to, among other things, the testing of financial products and services in Wyoming. * [2019 House Bill 62](https://wyoleg.gov/2019/Enroll/HB0062.pdf) created an act, relating to property that, among other things, consumptive characteristics are intangible personal property and not subject to a securities exemption. * [2019 House Bill 70](https://www.wyoleg.gov/Legislation/2019/HB0070) authorized and funded the Wyoming Secretary of State to develop and implement a blockchain based filing system to support a “corporate birth certificate” and a “corporate proof of good standing” and became effective February 26, 2019. * [2019 House Bill 74](https://www.wyoleg.gov/Legislation/2019/HB0074) created special purpose depository institutions as a new financial institution, provided that special purpose depository institutions shall be corporations, required that depositors be business entities, specified compliance with applicable federal laws, established procedures for the incorporation, chartered the operation of special purpose depository institutions, established procedures for liquidation, conservatorship and voluntary dissolution, required a surety bond or pledged investments and specified private insurance, authorized special purpose depository institutions to obtain federal deposit insurance, made conforming amendments; authorized positions, provided an appropriation and became effective October 1, 2019. * [2019 House Bill 185](https://www.wyoleg.gov/Legislation/2019/HB0185) authorized corporate stock be recorded and settled on a blockchain and became effective July 1, 2019. * [2019 Senate File 125](https://www.wyoleg.gov/Legislation/2019/SF0125) classified digital assets within existing laws, specified that digital assets are property within the Uniform Commercial Code, authorized security interests in digital assets, established an opt-in framework for banks to provide custodial services for digital asset property as custodians, specified standards and procedures for custodial services under this act, clarified the jurisdiction of Wyoming courts relating to digital assets, authorized a supervision fee, making an appropriation, authorized positions; specifying applicability, authorized the promulgation of rules and became effective July 1, 2019. * [2020 House Bill 27](https://wyoleg.gov/2020/Enroll/HB0027.pdf) created the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology. * [2020 House Bill 45](https://wyoleg.gov/2020/Enroll/HB0045.pdf) is an act relating to banking that, among other things, expands the authority of special purpose depository institutions to engage in incidental activities with the public * [2021 House Bill 43](https://www.wyoleg.gov/Legislation/2021/HB0043) amended the definition of digital asset, amended provisions relating to the nature of digital assets under commercial law, amended security interest provisions relating to digital assets, specified the application of commercial law to specific types of digital assets, clarified provisions relating to custody of digital assets by banks, established that certain digital asset provisions are consumer protection statutes for commercial law purposes and became effective July 1, 2021. * [2021 Senate File 38](https://www.wyoleg.gov/Legislation/2021/SF0038) created a supplement to the Wyoming Limited Liability Company Act providing for the creation of decentralized autonomous organizations (DAOs) and became effective July 1, 2021. * [2021 Senate File 39](https://www.wyoleg.gov/Legislation/2021/SF0039) provides a statutory definition of "digital identity" and lays the groundwork for further work in the realm of digital identity, including property and privacy rights and became effective July 1, 2021. ## Select Committee on Blockchain, Financial Technology and Digital Innovation Technology * At the [May 22, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200522MeetingMinutes.pdf), meeting on the topic of [Task Force Updates](https://www.youtube.com/watch?v=_0MOWBH3s7w), Christopher shared his thoughts surrounding the importance of progress in [2019’s HB70](https://www.wyoleg.gov/Legislation/2019/HB0070) mandate for an industry leading filing corporate system. (Timestamp 1:37:20 - 1:42:00) * Also at the [May 22, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200522MeetingMinutes.pdf), meeting on the topic of [Digital Property Updates](https://www.youtube.com/watch?v=_0MOWBH3s7w) Christopher shared his thoughts surrounding digital asset property and custody. (Timestamp 1:51:00 - 2:17:15) [Christopher also provided this letter to the Select Committee.](https://web.wyoleg.gov/LsoService/api/File/GetFile/e381a5a6-6875-495b-9792-12ce3173db9f) * ## Digital Identity & SSI * [Principal Authority: A New Perspective on Self-Sovereign Identity](https://docs.google.com/document/d/1fbMpuK3NI5nLd2iTLhlOpTPHm9BQP6RYU9awvmsYMaw/edit?ts=60c3cacf#heading=h.dcynxa668pfq) * [Notes not in paper](https://hackmd.io/f82dZfgqQkGt1JxoYp7GyA) * At the [June 12, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200612MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=91ZA8rppgSA), Christopher discussed digital identity, identity keys in private key disclosure, decentralized forms of digital identity, public health technology and new blockchain initiatives. Christopher also discussed [2020 HB0041](https://www.wyoleg.gov/Legislation/2020/HB0041) and noted issues that could be resolved by adding identity keys and asked the Committee to consider a new draft of the bill. Christopher also offered suggestions related to digital identity. (Timestamp 2:19:45 - 3:05:20) [Christopher also provided this letter to the Select Committee](https://web.wyoleg.gov/LsoService/api/File/GetFile/74ffbdfe-9025-4e7d-8caf-84fb3c2f7c01). * At the [July 27, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200727MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=ASWzQoLqvWg), Christopher discussed digital identity and ways to enable it in different forms in a safe way. (Timestamp 2:25 - 53:05 and 1:34:50 - 1:41:10) [Christopher also provided this draft definition to the Select Committee](https://web.wyoleg.gov/LsoService/api/File/GetFile/606e71bf-f27d-49b7-8fed-77c48b43f6ae). * At the [September 23, and 24, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200923MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=jP0UbeABWPo&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=11), the Committee discussed [Digital Identity Drafting Guidance found here](https://wyoleg.gov/InterimCommittee/2020/S19-202009233-01DigitalIdentityDraftingGuidance.pdf). (Timestamp 2:23:05 - 3:20:10). * At the [November 2, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20201102MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=b91getiQVc4&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=8), Christopher discussed the progress and the challenges of the bill currently being written. (Timestamp 2:54:30 - 3:15:40) * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=zXh3Mkn7ASw&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=7), Christopher commented on the progress of the working group that has been drafting language for this bill. (Timestamp 2:54:55 - 2:57:00 and 3:21:05 - 3:28:10) The discussion regarding [Digital Identity](https://www.youtube.com/watch?v=w08e0jS31VM&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=6) continued into the afternoon session where Christopher brought up relevance to an additional bill regarding the Protection of Private Keys as the best way to control and prove dominion. (Timestamp 00:36:15 - 41:10) * At the [May 27, and 28, 2021](https://wyoleg.gov/InterimCommittee/2021/S19-20210527MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=ayQ086BVDXE&t=326s), Christopher shared his suggestions that we make digital identity v. personal identifiable data v. digital personal data differences distinctions. He recommended constraints similar to Europe that Google, Facebook, etc. are already having to comply with. He would like Wyoming law to clarify principal authority to protect the individual and consumers. (Timestamp 33:30 - 51:05 and 1:07:55 - 1:09:25) * At the [September 21, and 22, 2021](https://www.wyoleg.gov/Committees/2021/S19), (link to agenda until minutes are published by wyoleg) meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Digital Identity](https://www.youtube.com/watch?v=ONOK0-YL4GQ&t=10309s), Christopher discussed design principles of self sovereign identity and advised the Committee that now that Wyoming has the first legal definition of personal digital identity, they should next look at defining responsibilities and limitations for delegated partial authority. (Timestamp: 1:21:00 - 2:00:45) He also shared this written article: [Principal Authority: A New Perspective on Self-Sovereign Identity](https://wyoleg.gov/InterimCommittee/2021/S19-2021092117-02DigitalIDpresentation.pdf). ## Decentralized Autonomous Organizations * At the [July 27, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200727MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=ASWzQoLqvWg), Christopher shared his thoughts on the challenges and opportunities with respect to DAOs and Digital Registered Agents. (Timestamp 2:04:50 - 4:14:20) * At the [September 23, and 24, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200923MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=jP0UbeABWPo&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=11) Christopher shared his advice regarding alternatives regarding the traditional ways equity is shared in orporations and commented on the concept of managed shared resources. (Timestamp 21:30 - 1:22:45) * At the [November 2, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20201102MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=b91getiQVc4&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=8), Christopher provided public comment regarding voting and potential issues with articles of incorporation. (Timestamp 3:56:15 - 4:00:00) * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=zXh3Mkn7ASw&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=7), Christopher commented on how the current bill addresses Ethereum based blockchains. However, instead of algorithmic based contracts, key-based blockchains such as Bitcoin does not operate smart contracts in the same fashion. This difference should be addressed, as well as any possible future blockchain architechture, in future drafts of the bill. (Timestamp 1:38:20 - 1:42:10 and 2:06:25 - 2:10:40 and 2:18:45 - 2:20:45) * At the [May 27, and 28, 2021](https://wyoleg.gov/InterimCommittee/2021/S19-20210527MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=F1HDgkoKxWk&ab_channel=WyomingLegislature ), Christopher shared his concerns about the lack of progress in implementing [2019 House Bill 70](https://www.wyoleg.gov/Legislation/2019/HB0070). (Timestamp 2:52:00 - 3:00:00 and 3:22:00 - 3:24:00) * At the [September 21, and 22, 2021](https://www.wyoleg.gov/Committees/2021/S19), (link to agenda until minutes are published by wyoleg) meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Decentralized Autonomous Organizations](https://www.youtube.com/watch?v=evDvQpWPhqM), Christopher discussed current work on principal authority and agency law, and suggested the Select Committee consider language in regard to the existence of principal authority and to define control. (Timestamp: 3:18:20 - 3:20:05) [During the public comment session](https://www.youtube.com/watch?v=ONOK0-YL4GQ&t=10309s) Christopher shared his suggestions on balancing technical and legal focus in the final language, public identifier requirements, and resolve how DAO can have synergies with series corporation statues. (Timestamp 1:00 - 10:15) ## E-Residency * At the [September 21, and 22, 2021](https://www.wyoleg.gov/Committees/2021/S19), (link to agenda until minutes are published by wyoleg) meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [E-Residency](https://www.youtube.com/watch?v=ONOK0-YL4GQ&t=10309s), Christopher [presented a slideshow](https://wyoleg.gov/InterimCommittee/2021/S19-2021092109-01E-Residency.pdf) discussing how an e-residency program could benefit Wyoming. (Timestamp: 3:04:20 - 3:26:00) ## KYC/AML * At the [September 23, and 24, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200923MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [KYC/AML](https://www.youtube.com/watch?v=jP0UbeABWPo&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=11), Christopher provided comment regarding the current KYC portability issues business owners are currently struggling with. (Timestamp 1:29:05 - 1:35:15) ## Disclosure of Private Cryptographic Keys * At the [November 2, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20201102MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Disclosure of Private Cryptographic Keys](https://www.youtube.com/watch?v=NQ4PYDVM4LY&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=9), Christopher commented on the security measures for private keys, how private keys cannot be securely disclosed and should never be shared to the courts by individuals. Christopher also discussed incorporating the digital identity proposed legislation into the bill draft. (Timestamp 52:45 - 1:05:10) * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Disclosure of Private Cryptographic Keys](https://www.youtube.com/watch?v=w08e0jS31VM&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=6), Christopher provided public comment expressing support for the draft bill and security by keys. (Timestamp 3:16:40 - 3:17:55) ## Sim Card Identity Protection * At the [November 2, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20201102MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Sim Card Identity Protection](https://www.youtube.com/watch?v=NQ4PYDVM4LY&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=9), Christopher provided public comment. (Timestamp 2:44:50 - 2:54:20) He provided more public comment on [Sim Card Identity Protection](https://www.youtube.com/watch?v=b91getiQVc4&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=8) in a later session as well. (Timestamp 00:00 - 12:30) * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Sim Card Swaps](https://www.youtube.com/watch?v=w08e0jS31VM&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=6), Christopher provided public comment expressing support for tightening up on telecommunications but opposed the draft bill. (Timestamp 5:01:10 - 5:05:55) ## For Profit Public Benefit Corporations * At the [September 23, and 24, 2020](https://wyoleg.gov/InterimCommittee/2020/S19-20200923MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [For Profit Public Benefit Corporations](https://www.youtube.com/watch?v=jP0UbeABWPo&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=11), Christopher Offered public comment. (Timestamp 3:26:25 - 3:41:20) ## Data Trusts * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [Data Trusts](https://www.youtube.com/watch?v=w08e0jS31VM&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=6), Christopher provided public comment regarding the importance of clear fiduciary responsibility and certification standards. (Timestamp 1:15:05 - 1:17:05) ## Division of Banking * At the [December 16, and 17, 2020](https://web.wyoleg.gov/LsoService/api/File/GetFile/86d83246-5d72-45d5-b9ac-af75080f6896), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of the [Division of Banking](https://www.youtube.com/watch?v=w08e0jS31VM&list=PLOhkcX5d91No-b3uW2TcuxfKnuzaDi9VH&index=6), Christopher provided public comment regarding clarity of possession and control with respect to digital assets. (Timestamp 2:46:45 - 2:48:50) ## University of Wyoming * At the [May 27, and 28, 2021](https://wyoleg.gov/InterimCommittee/2021/S19-20210527MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology on the subject of [University of Wyoming Blockchain Updates](https://www.youtube.com/watch?v=F1HDgkoKxWk&ab_channel=WyomingLegislature ), Christopher noted the success of open courseware such as Blockchain Commons resource Learning Bitcoin From the Command Line and Stanford University’s Cryptography Course taught by Dan Bonet. He encouraged the University of Wyoming to offer open courseware to raise their profile within the community and bring students to the institution. (Timestamp 1:38:40 - 1:42:50) ## Closing Remarks * At the [May 27, and 28, 2021](https://wyoleg.gov/InterimCommittee/2021/S19-20210527MeetingMinutes.pdf), meeting of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, Christopher offered [Closing Remarks](https://www.youtube.com/watch?v=ayQ086BVDXE&t=326s). (Timestamp 1:37:35 - 1:39:45) # Texas ## General Information * The Texas House of Representatives has formed the bipartisan [Innovation and Technology Caucus](https://www.itcaucus.com/). * [The Texas Blockchain Council](https://texasblockchaincouncil.org/) is active in Texas blockchain innovation including effecting policy initiatives. ## Sources * https://capitol.texas.gov/ * https://texasblockchaincouncil.org/policy-page * https://portal.bcwg.texas.gov/stories/s/fxdd-vpwt ## Blockchain Working Group * [HB 1576](https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB1576), signed by Gov. Abbott on June 7, 2021, creates an official Working Group made up of legislators and citizens who will investigate the benefits of blockchain technology for Texas. Members of this Group include Texas Blockchain Council executives and advisors: Natalie Smolenski - Past Chair, Lee Bratcher - President, Christopher Callicot - Advisor, and Peter Vogel - Member. This is along with Rep. Tan Parker who authored HB 1576 and has been instrumental in making Texas a leader in welcoming digital assets. The Act takes effect on September 1, 2021. * By October 1, 2021, the appropriate appointing authorities will appoint the stated members of the group. * By November 1, 2021, the group shall hold its initial meeting. * By October 31, 2022, the group shall submit a report that includes a master plan. The Texas Work Group on Blockchain Matters held a public hearing on Friday, May 20, 2022. The full text of the Bill can be found at: https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB1576 ## Uniform Commercial Code * [HB 4474](https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB4474), signed by Gov. Abbott on June 15, 2021, will take effect on September 1, 2021. The Act will amend the Uniform Commercial Code to better adapt commercial law to virtual currency and digital asset control. The Act takes effect on September 1, 2021. The full text of the Bill can be found at: https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB4474 * [SB 344](https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=SB344) was filed on January 14, 2021, and never made it out of Senate State Affairs Committee. ~~If successful, this bill would have amended the Texas Uniform Commercial Code to explicitly confirm that digital signatures anchored to a blockchain are legally valid in the State of Texas.~~ The full text of the Bill can be found at: https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=SB344 ## Digital Identity * [HB 2199](https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB2199) passed the House on April 23, 2021. On May 20, 2021, it passed out of the Senate Business & Commerce Committee and is awaiting a vote by the Senate. If successful, this bill would have created a Working Group comprised of legislators and citizens who will investigate the benefits of digital identity for Texas. This bill fell short of final passage due to procedural delays on the Local & Uncontested Calendar in the Senate. Support for the working group was overwhelming and bipartisan in both chambers (Senate | Unanimous; House | 143 Yeas, 3 Nays, 2 PNV). It has been proposed that HB1576’s Working Group form a Sub-work Group on Digital Identity Matters. The full Policy Proposal can be found at: https://docs.google.com/document/d/1qrT9V1PRQSc3ICulcvX4oLibxA13pT4sg_6NtmpneuQ/edit ~~The Act was proposed to take effect on September 1, 2021.~~ ~~The Act proposed that by September 15, 2021, the appropriate appointing authorities will appoint the stated members of the group.~~ ~~The Act is proposed that by January 1, 2022, the group shall hold its initial meeting.~~ ~~The Act is proposed that by September 30, 2022, the group shall submit a report that includes a master plan.~~ The full text of the Bill can be found at: https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HB2199 And the text of H.R. 8215 can be found at: https://www.congress.gov/bill/116th-congress/house-bill/8215/text?r=2&s=1 ## Joint Resolutions * [HJR 100](https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HJR100) proposed a constitutional amendment, to be voted on by Texans on November 2, 2021, relating to the right to own, hold, and use any mutually agreed-upon medium of exchange. ~~The Resolution proposes to amend Article I to add Sec 35: AA “The right of the people to own, hold, and use a mutually agreed-upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services shall not be infringed. No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency. This amendment shall not be construed to restrain the State of Texas from choosing the mediums of exchange it will accept or reject in payments to it.”~~ The Bill was filed on February 24, 2021, and was left pending in Pensions, Investments, and Financial Services Committee. The full text of the Resolution can be found at: https://capitol.texas.gov/BillLookup/Text.aspx?LegSess=87R&Bill=HJR100 # Vermont ## Sources * https://legislature.vermont.gov/ ## Commerce and Trade, Economic Development * [Act 205](https://legislature.vermont.gov/bill/status/2018/S.269) modifies the definition of “blockchain” and “blockchain technology”; enables the creation and regulation of personal information protection companies; creates studies for expanding the use and promotion of blockchain technology; enables the creation of blockchain-based limited liability companies; and creates a study for the potential use of blockchain technology in government records. * “Blockchain” means a cryptographically secured, chronological, and decentralized consensus ledger or consensus database, maintained via Internet, peer-to-peer network, or other interaction. * “Blockchain technology” means computer software or hardware or collections of computer software or hardware, or both, that utilize or enable a blockchain. # Illinois ## Sources * https://www.ilga.gov/ ## House Joint Resolution 25 [Illinois Blockchain and Distributed Ledger Task Force Final Report to the General Assembly](https://www2.illinois.gov/sites/doit/Strategy/Documents/BlockchainTaskForceFinalReport020518.pdf) - January 31, 2018 ## Blockchain Technology Act * Effective January 1, 2020, Illinois enacted [HB3575](https://www.ilga.gov/legislation/publicacts/101/101-0514.htm), a new Act that “Provides for the permitted uses of blockchain technology in transactions and proceedings. Provides limitations to the use of blockchain technology. Prohibits units of local government from implementing specified restrictions on the use of blockchain technology. Defines terms.” # Kentucky ## Sources * https://wyoleg.gov/InterimCommittee/2021/S19-202105274-01Memo-BlockchainStateSurvey.pdf * https://apps.legislature.ky.gov/ ## Cryptocurrency Mining [HB230](https://apps.legislature.ky.gov/record/21rs/HB230.html#actions) is an Act relating to the taxation of the commercial mining of cyptocurrency was signed on 3/25/201 with an original effective date of July 1, 2021. Several amendments are pending. It created a “new section of KRS 139 which defines various terms relating to commercial mining of cryptocurrency using blockchain technology, provides sales and use tax exemptions on the tangible personal property directly used and the electricity used in commercial mining of cryptocurrency...” It also "Extends clean energy-focused incentives to miners who invest at least $1 million in equipment, and offers miners a series of sales and excise tax breaks." # New Jersey ## Sources * https://wyoleg.gov/InterimCommittee/2021/S19-202105274-01Memo-BlockchainStateSurvey.pdf * https://www.njleg.state.nj.us/ ## Corporations * [S898](https://www.njleg.state.nj.us/2020/Bills/S1000/898_I1.HTM) permits corporations to use blockchain technology for certain recordkeeping requirements. # Arkansas ## Sources * https://wyoleg.gov/InterimCommittee/2021/S19-202105274-01Memo-BlockchainStateSurvey.pdf * https://www.arkleg.state.ar.us/ ## Uniform Money Services * [SB 150/Act 532](https://www.arkleg.state.ar.us/Bills/Detail?id=SB150&chamber=Senate&ddBienniumSession=2021%2F2021R) amends the Uniform Money Services Act to include virtual currency. # Ohio ## Sources * https://www.legislature.ohio.gov/legislation/search?pageSize=10&start=1&keywords=blockchain&sort=Number&generalAssemblies=134 ## Government * [HB177](https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_134/bills/hb177/EN/05/hb177_05_EN?format=pdf) permits government entity to use distributed ledger technology, including blockchain technology. ## Voting * On and after January 1, 2023, [HB387](https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_134/bills/hb387/IN/00/hb387_00_IN?format=pdf) proposes that all electronic voting equipment utilizes blokchain technology to create unalterable record of votes casted. Additionally, "The computer programs, including software object code and source code, and any program implementing **blockchain technology**, shall be made available for public inspection immediately upon installation of the machine or equipment implementing the software or program." * [HB296](https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_134/bills/hb296/IN/00/hb296_00_IN?format=pdf) proposes the use of encrypted blockchain technology pilot program for overseas voters. ## Digital Assets & DAO * [HB585](https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_134/bills/hb585/IN/00/hb585_00_IN?format=pdf) creates "a special purpose depository institution charter, to provide for the formation and management of decentralized autonomous organization LLCs, to amend the Uniform Commercial Code to address the classification of and perfection of security interests in digital assets, and to allow banks to provide custodial services of digital assets." # Nevada ## Sources * https://wyoleg.gov/InterimCommittee/2021/S19-202105274-01Memo-BlockchainStateSurvey.pdf * https://www.leg.state.nv.us/ ## Committees, Task Forces and Working Groups * [SB163](https://www.leg.state.nv.us/App/NELIS/REL/80th2019/Bill/6234/Overview) creates an emerging technologies task force.

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