Milestone? Washington Legalizes Blockchain Records

Wilfred Michael 

Wilfred Michael

News reporter

02 May 2019,
14:58
Milestone? Washington Legalizes Blockchain Records

The United States state of Washington has become the latest region in the country to pass a blockchain-related bill into law.

On April 26, Governor Jay Inslee signed into law a bill that recognizes and protects the use of electronic records associated with distributed ledgers such as blockchain. The approval follows on from the earlier introduction of the bill to the Washington Senate on January 26 and marks another milestone in the growing acceptance of blockchain technology.

The new law which will go into effect at the start of July notably provided new definitions for distributed ledgers and blockchain. It also rules out any form of discrimination against blockchain records, with a section of it reading,

“An electronic record may not be denied legal effect, validity, or enforceability solely because it is generated, communicated, received, or stored using distributed ledger technology.”

Although the newly passed bill in Washington is one of the first related to blockchain technology, it is not the first of its kind to gain traction in the United States

Some Blockchain and Crypto-related Bills Passed Into Law by U.S States

Wyoming

In February, U.S State Wyoming passed into law three blockchain and crypto-related bills. One of those recognized Bitcoin as a legal tender while the other two respectively cover the basics of blockchain compliance among industry participants and the concept of tokenized certificates for large corporations.

Colorado

At the start of the year, Colorado Senators began efforts to exempt some cryptocurrencies from the State’s securities law and met little to no resistance because of the region’s pro-blockchain Governor, Jared Polis.

In March, the Governor signed the bill into law, thereby making Colorado one of the first States in the U.S to enact such laws.

Aside from the already enacted laws, Stmarket.co also reported ongoing efforts in Utah and Rhode Island to promote crypto and blockchain-related bills.

 

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