Blockchain 2022 Legislation

Heather Morton 6/7/2022

Computer Keyboard with Green Backlighting

Blockchain is a distributed ledger technology that records and shares every transaction that occurs in the network of users.

One example of how blockchain works is in a sales transaction using distributed ledger technology and a digital currency as payment in the transaction. In this example, the buyer initiates the purchase, known as the block, which contains transaction data such as the date, time and payment amount. Both the buyer and seller can see the block of transaction data, so both parties can confirm the payment was sent and received. Each transaction’s block is created in a shared online accounting ledger that can involve multiple buyers and sellers within a network. As new transactions occur between the buyer and seller, each data block is recorded and forms the chain that documents the transaction history. 

Blockchains can be permissionless, also called public, which are typically open for anyone to view and participate. Or, blockchains can be permissioned, which limit the participation to a single administrator or a specific group of participants.

Digital currencies are only one way to use blockchain. Other evolving applications can include online voting, medical records, insurance policies, property and real estate records, copyrights and licenses and supply chain tracking. They can also include smart contracts, where payouts between the contracted parties are embedded in the blockchain and automatically execute when contractual conditions have been met.

Twenty-eight states addressed legsislation regarding blockchain, smart contracts and verifiable credentials.

The box allows you to conduct a full text search or type the state name.

Blockchain 2022 Legislation

State:

Bill Number:

Bill Summary:

Alabama

None

 

Alaska

None

 

Arizona

SB 1156

Prohibits a city, town or county from imposing a tax or fee on the use of blockchain technology by any person or entity.

Arkansas

None

 

California

AB 2781
Passed Assembly 5/26/22

Existing law creates the Office of Digital Innovation within the Government Operations Agency and establishes the office’s mission of delivering better government services to the people of California through technology and design, including by collaborating with state entities to transform government services. This bill requires the office to study the feasibility and appropriateness of utilizing blockchain technology, as defined, by the Employment Development Department for the purposes of identity verification and fraud prevention, subject to the availability of funding for these purposes. The bill requires the office, on or before Jan. 1, 2024, to report to the Legislature on the findings of this study, as specified, and repeals these provisions on Jan. 1, 2026.

California

SB 112
Returned to secretary of Senate pursuant to Joint Rule 56 2/3/22

Makes appropriations for the support of state government for the 2021-22 fiscal year. Requires the Department of Technology to consider the use of various technologies that support privacy protections, including blockchain technology or single digital identifiers, when planning and developing the Digital Identification pilot program.

California

SB 689
Returned to secretary of Senate pursuant to Joint Rule 56 2/1/22

Existing law requires the state registrar, local registrar, or county recorder, upon request and payment of the required fee, to supply to an applicant a certified copy of the record of a birth, fetal death, death, marriage, or marriage dissolution registered with the official. Existing law requires the certificate to contain certain information and to be printed on chemically sensitized security paper, as specified. This bill authorizes a certified copy of a birth, death, or marriage record issued pursuant to those provisions to be issued, in addition to the required method described above, by means of blockchain technology, as defined. Existing law requires the secretary of the Government Operations Agency to appoint a blockchain working group and requires that group to submit a report containing specified information related to blockchain technology to the Legislature on or before July 1, 2020. This bill revises and recasts the definition of blockchain for purposes of those provisions.

California

SB 1190

On or before Jan. 1, 2024, this bill requires the Department of Technology to create a California Trust Framework to provide industry standards and best practices regarding the issuance of credentials to verify information about a person or a legal entity. The bill would require the California Trust Framework to be designed, to the greatest extent possible, to be interoperable with other government trust and governance frameworks for verifiable credentials.

Colorado

HB 1053
Sent to governor 5/31/22

Instructs the commissioner of Agriculture (commissioner) to create and deploy an online program that educates agricultural producers about blockchain technology. The commissioner will consult and cooperate with stakeholders to develop the online program, publicize the program, and encourage agricultural producers to participate in the program.

Colorado

SB 25
Sent to governor 5/17/22

Concerns state capital financing managed by the state treasurer; expands the types of collateral that can be used to secure such financing and, if deemed feasible and in the best interest of the state by the state treasurer after a required study is completed, authorizes the use of security token offerings for such financing, and makes an appropriation.

Connecticut

None

 

Delaware

None

 

District of Columbia

None

 

Florida

None

 

Georgia

None

 

Guam

None

 

Hawaii

HCR 165
HR 165

Requests the office of enterprise technology services to develop a recommended definition for blockchain technology and recommendations for opportunities for individuals, private entities, and state agencies to use blockchain technology.

Hawaii

SB 2695
Sent to governor 5/6/22

Establishes a Blockchain and Cryptocurrency Task Force.

Hawaii

SCR 31
SR 26

Requests the department of commerce and consumer affairs to create a task force to study the approval of blockchain technology and cryptocurrency in the state.

Idaho

HB 465

Relates to digital assets; amends title 28, Idaho Code, by the addition of a new chapter 53, title 28, Idaho Code, to provide a short title, provide scope, to define terms, to provide for classification of digital assets, to provide for purchase and sale of digital assets, and provide for perfection by possession or control.

Idaho

HB 583
Signed by governor 3/28/22, Chapter 284

Adds to existing law to provide for classification of digital assets; provides for purchase and sale of digital assets; provides for perfection by possession or control of digital assets.

Illinois

HB 5427

Amends the Blockchain Technology Act. Sets forth provisions concerning the purpose and findings of the Blockchain Technology Act. Provides that a court shall permit discovery of electronic records if the existence or ownership of a digital asset secured by a blockchain is factually in dispute. Sets forth provisions concerning permissible discovery of facts and information concerning digital assets and discovery procedures for digital assets. Provides that a court may order that the party with ownership or control over an account generate a test transaction in an amount not to exceed $1 to prove ownership or control over the account. Provides that a party holding a digital asset where the nature and type of the digital asset is at issue in the case may shield the need for disclosure if it posts security with the court for a comparable value for the digital asset in question if the value of the digital asset can be assessed, or for a value that is reasonably correlated to the estimated value of any judgment. Provides that a party seeking to validate or challenge the nature, accuracy, or propriety of a vote taken in connection with a decentralized autonomous organization shall be allowed discovery sufficient to describe the nature and type of vote or votes being taken. Provides that the provisions are repealed 5 years after the effective date of the amendatory Act. Creates the Digital Asset Discovery Task Force to conduct a review of the court-ordered discovery of digital asset procedures. Sets forth provisions concerning the Task Force's members, administrative support, and compensation. Provides that the Task Force shall submit a report containing its findings and any recommendations to the Supreme Court and the General Assembly by Jan. 1, 2023. Provides that the Task Force is dissolved on Jan. 1, 2024.

Illinois

SB 3435

Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the state for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a state bank or convert to a state bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets.

Indiana

HB 1211
Vetoed by governor 3/15/22

Provides that not later than Oct. 1, 2022, the department of administration (department), on behalf of the office of technology (office), shall issue a request for information for purposes of exploring how blockchain technology could be used by a state agency to: (1) achieve greater cost efficiency and cost effectiveness; and (2) improve consumer convenience, experience, data security, and data privacy. Requires the office to compile a report concerning the request for information and submit the report to the legislative council in an electronic format not later than March 31, 2023. Defines "blockchain technology" and "distributed ledger technology". Requires an agency to submit an emergency rule to the attorney general for review and approval before the emergency rule may take effect. Provides that emergency rules may not be effective for a period that exceeds 180 days. Provides that certain emergency rules expire not more than two years after the rule takes effect. Requires an agency adopting an administrative rule to submit an economic impact statement and an explanation of any penalty, fine, or other similar negative impact included in the proposed rule to the publisher of the Indiana Administrative Code (publisher). Requires the publisher to provide a copy of the materials concerning a proposed rule or pending readoption to the members of the appropriate standing committee, the governor, and the office of management and budget. Provides that administrative rules expire on July 1 of the fourth year after the year in which the rule takes effect (instead of Jan. 1 of the seventh year after the year in which the rule takes effect). Requires an agency intending to readopt an administrative rule to provide to the publisher, not later than Jan. 1 of the third year after the year in which the rule most recently took effect: (1) notice of; and (2) information concerning; the pending readoption. Requires that all broadband infrastructure projects that are funded in whole or in part by a grant or loan from the regional economic acceleration and development initiative (READI) fund must satisfy the criteria and requirements as described in the rural broadband program. Makes corresponding changes.

Iowa

HF 2302
Passed House 2/3/22

Relates to affirmative defenses for entities using cybersecurity programs. Provides rights of ownership of information within distributed ledger technology.

Iowa

HF 2443
Sent to governor 6/1/22

Relates to contract enforceability regarding smart contracts and distributed ledger technology.

Iowa

SF 2049

Relates to affirmative defenses for entities using cybersecurity programs and electronic transactions recorded by blockchain technology.

Kansas

None

 

Kentucky

HB 387

Amends KRS 139.516 to define "computing system node" and exempts it from sales and use tax; applies to transactions occurring on or after July 1, 2021.

Kentucky

HB 724

Establishes subtitle 53 of KRS chapter 304 to establish definitions, purpose, and interpretation of Insurance and Related Innovation Sandbox Law; establishes director of innovation within the Department of Insurance; establishes duties of the director of innovation; establishes procedures, parameters, and application process for obtaining a waiver or no-action letter with respect to specified requirements imposed by statute or regulation for insurance-related innovations; establishes procedures and parameters for obtaining an innovative insurer license; establishes procedures and parameters for reviewing and accepting or rejecting applications, the testing phase of an innovation, and the issuance of extended no-action letters; provides for the confidentiality of certain documents, materials, or other information created, produced, obtained, or disclosed in relation to the subtitle; establishes the Kentucky Innovation Council; requires the commissioner of insurance and other applicable agencies to adopt uniform procedures, by administrative regulation or cooperation agreement, for the administration of the subtitle; requires the commissioner of insurance and other applicable agencies to enter into any interstate innovation compact or memorandum of understanding and cooperation agreement necessary to carry out the purposes of the subtitle; establishes procedures and parameters for any interstate innovation compact or memorandum of understanding and cooperation agreement; authorizes information sharing with the insurance supervisory official of any state, province, or country; requires the commissioner of insurance and any applicable agency to report to the Interim Joint Committee on Banking and Insurance; amends KRS 304.10-030 and 304.10-040 to permit surplus lines insurance to be procured from a domestic surplus lines insurer; amends KRS 304.2-120 to permit licensees to make electronic notices; requires notices and orders of the commissioner of insurance be served electronically; amends KRS 304.1-120 and 304.11-030 to conform; amends KRS 91A.080 to exempt sandbox participants and innovative insurers from local government premium tax; amends KRS 154.32-010 to add or modify definitions related to insurance innovators; amends KRS 154.32-020 to allow an insurance innovator to qualify for an economic development project and to include within the allowable incentives the insurance premiums taxes paid to the Commonwealth; makes conforming changes and require reporting to the Interim Joint Committee on Appropriations and Revenue; amends KRS 154.32-070 to conform; creates new sections of KRS Chapter 136 to allow the insurance innovator tax credit and to order the various tax credits allowable; amends KRS 131.190 to allow reporting on the tax credit data; repeals KRS 304.3-700 to 304.3-735, relating to insurance regulatory sandbox laws; provides that §1 to §15 of Act may be cited as the Insurance and Related Innovation Sandbox Law.

Kentucky

SB 16

Creates a new Subtitle 12 of KRS Chapter 286 to establish special purpose depository institutions that engage in a nonlending banking business; establishes findings and purposes for subtitle; provides for the organization, powers, and chartering of the institution; requires directors to take oaths; establishes capital, bonding, contingency, and insurance requirements; establishes requirements for offering depository accounts and other services; provides that certain provisions of Subtitle 3 of KRS Chapter 286 shall apply to the institutions; establishes branching requirements for in-state and out-of-state institutions; provides for administrative appeals; requires the commissioner of financial institutions to adopt administrative regulations to implement the subtitle; establishes administrative penalties and procedures for violations of the subtitle; establishes when the commissioner shall close an institution for liquidation; establishes procedures for voluntary dissolution; amends KRS 286.1-011 and 286.2-685 to conform; amends KRS 286.2-040 to allow the commissioner to examine special purpose depository institution service providers; requires the commissioner to promulgate administrative regulations to implement the Act on or before Oct. 1, 2022.

Kentucky

SB 17

Establishes KRS Chapter 355A and creates new sections thereof to define and establish property classifications for digital assets; supplements and modifies provisions of the Uniform Commercial Code, KRS Chapter 355, relating to the classification, perfection, and priority of digital assets; allows debtors located in Kentucky to file a financial statement with the secretary of state to perfect a security interest in a digital asset; establishes when a transferee takes a digital asset free of any security interest perfected by filing; for purposes of Article 9 of KRS Chapter 355, establishes when digital assets are located in Kentucky; classifies open blockchain tokens with certain characteristics as intangible personal property; requires developers and sellers of certain open blockchain tokens to file a notice of intent with the secretary of state, and pay a filing fee, prior to sale in this state; requires the secretary of state to promulgate forms and make the forms accessible to filers; requires facilitators of certain open blockchain tokens in the resale market to comply with certain requirements; establishes penalties for violation of the section; provides that the secretary of state may make referrals to law enforcement agencies; provides that section may be cited as the Kentucky Utility Token Act; creates a new section of Subtitle 2 of KRS Chapter 286 to permit certain Kentucky financial institutions to elect to provide custodial services of customer currency and digital assets in accordance with the provisions of the section; establishes internal control and customer contracting requirements for providing custodial services under the section; provides that digital assets held in custody under the section are not depository liabilities or assets of the financial institution; requires the commissioner of financial institutions to establish a supervision fee; creates a new section of Article 1 of KRS Chapter 355 to conform; amends KRS 369.103 to include transactions involving digital assets; provides that the secretary of state and the commissioner of financial institutions shall promulgate administrative regulations to implement the Act on or before Oct. 1, 2022.

Louisiana

HB 170

Allows a candidate to receive campaign contributions in the form of cryptocurrency.

Louisiana

HB 804

Provides relative to blockchain tokens.

Maine

None

 

Maryland

None

 

Massachusetts

HB 103

Establishes a commission to investigate blockchain technology, so-called, applications and systems for possible beneficial use to the commonwealth including, but not limited to, the conduct of elections.

Massachusetts

HB 126

Establishes a special commission (including members of the General Court) on blockchain and cryptocurrency.

Massachusetts

HB 4513

Establishes a special commission on blockchain and cryptocurrency.

Massachusetts

SB 440

Allows electronic and blockchain signatures on nomination papers.

Michigan

SB 888

Establishes the blockchain and cryptocurrency commission.

Minnesota

HF 2730

Allows certificate tokens to be issued in place of shares of stock; amends Minnesota Statutes 2020, §302A.011, by adding subdivisions; §302A.111, subdivision 4; §302A.401, by adding a subdivision.

Minnesota

HF 2835
SF 2940

Allows for the use of electronic networks and databases to record stock ownership and other records; amending Minnesota Statutes 2020, §302A.011, subdivision 60; §302A.015, subdivision 1; §302A.461, subdivision 6.

Mississippi

HB 1153
Died in committee 2/1/22

Authorizes security interests in digital assets; defines certain terms relating to digital assets; classifies digital assets as property; authorizes banks to provide custodial services for digital asset property; brings forward §§75-71-102, 75-71-103, 75-71-104, 75-71-105, 75-71-201, 75-71-202, 75-71-203, 75-71-204, 75-71-301, 75-71-302, 75-71-303, 75-71-304, 75-71-305, 75-71-306, 75-71-307, 75-71-310, 75-71-401, 75-71-402, 75-71-403, 75-71-404, 75-71-405, 75-71-406, 75-71-407, 75-71-408, 75-71-409, 75-71-410, 75-71-411, 75-71-412, 75-71-413, 75-71-501, 75-71-502, 75-71-503, 75-71-504, 75-71-505, 75-71-506, 75-71-507, 75-71-508, 75-71-509, 75-71-510, 75-71-601, 75-71-602, 75-71-603, 75-71-604, 75-71-605, 75-71-606, 75-71-607, 75-71-608, 75-71-609, 75-71-610, 75-71-611, 75-71-612, 75-71-613, 75-71-701, 75-15-3, 75-15-5, 75-15-7, 75-15-9, 75-15-11, 75-15-12, 75-15-13, 75-15-15, 75-15-17, 75-15-19, 75-15-21, 75-15-23, 75-15-25, 75-15-27, 75-15-29, 75-15-31, 75-15-32, 75-15-33 and 75-15-35, which relate to the Mississippi securities act and the Mississippi money transmitters act; for purposes of possible amendment; and for related purposes.

Mississippi

SB 2632
Died in committee 2/1/22

Creates a digital asset act; classifies digital assets; specifies that digital assets are property within the uniform commercial code; authorizes security interests in digital assets; establishes an opt-in framework for banks to provide custodial services for digital asset property as custodians; specifies standards and procedures for custodial services under this act; clarifies the jurisdiction of Mississippi courts relating to digital assets; authorizes a supervision fee; amends §81-5-33 concerning powers of banks in regard to trusts to conform; and for related purposes.

Mississippi

SB 2633
Died in committee 2/1/22

Creates the new §75-71-206 to create an exemption for open blockchain tokens from securities laws; amends §75-71-102 to revise definitions under the Mississippi securities act of 2010 to conform; amends §75-15-7 to revise exemptions under the Mississippi money transmitters act to conform; amends §75-15-32 to clarify the authority of the commissioner to investigate suspected violations of the Mississippi money transmitters act even if a blockchain token exemption is asserted; and for related purposes.

Missouri

None

 

Montana

No regular 2022 legislative session

 

Nebraska

LB 761

Adopts the Precision Agriculture Infrastructure Grant Act. Includes blockchain within on-farm traceability solutions that satisfy food supply stakeholder demand.

Nevada

No regular 2022 legislative session

 

New Hampshire

HB 1502

This bill specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets, allows banks to provide custodial services for digital asset property and provides procedures for the provision of custodial services.

New Hampshire

HB 1503
Passed both chambers 5/26/22

Exempts the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws; adopts the Uniform Commercial Code on controllable electronic records; establishes the requirement, as well as waiver and fraud processes, for the use of American made steel products in all public works projects where the state administers the contract and the contract involves at least specified amount of state dollars.

New Jersey

AB 1975
SB 1267

Creates the Virtual Currency and Blockchain Regulation Act.

New Jersey

AB 2371
SB 1756

Creates the Digital Asset and Blockchain Technology Act.

New Jersey

AB 3288

Establishes Blockchain Promotion and Integration Program.

New Mexico

None

 

New York

AB 3099
SB 5643

Establishes the office of financial resilience to develop and implement new programs and initiatives for the purpose of supporting local economies and promoting resilient financial models.

New York

AB 3587

Establishes the test, trust, and certify act to establish a protocol for COVID-19 testing, contact tracing, and immunity certification and to protect individuals' right to privacy; grants individuals the right to control their self-sovereign identification data; provides for the anonymization of biometric data for protection from law enforcement. "Tracking" or "contact tracing" shall mean the protocol through which the infectious spread of the novel SARS-CoV-2 coronavirus and corresponding propagation of COVID-19 is monitored in individuals. Such protocol may be implemented through, but not limited to, the use of smart phone applications, an anonymized or pseudonymous digital tracing identifier, and blockchain, GPS, or Bluetooth technology.

New York

AB 3760

Relates to allowing signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

New York

AB 3813
SB 1800

Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

New York

AB 3862
SB 4195

Relates to establishing a task force to study and report on the potential implementation of blockchain technology in state record keeping, information storage, and service delivery.

New York

AB 4332

Directs the state board of elections to study and evaluate the use of blockchain technology to protect voter records and election results.

New York

AB 7389
Passed both chambers 6/2/22
SB 6486
Substituted 6/2/22

Establishes a moratorium on the operation of cryptocurrency mining centers; provides that operation of a cryptocurrency mining center shall only be authorized following completion of a full generic environmental impact statement review and a finding that such center will not adversely affect the state greenhouse gas emission targets in the climate leadership and community protection act of 2019; provides for the repeal of such provisions upon expiration thereof.

New York

AB 9275
Passed both chambers 6/3/22
SB 8343
Passed Senate 6/2/22

Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

New York

SB 1801
Passed Senate 2/14/22

Allows signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

New York

SB 5044

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

New York

SB 8838

Requires certain disclosures in advertisements involving virtual tokens.

New York

SB 9275
Enacting clause stricken 5/25/22

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens.

North Carolina

None

 

North Dakota

No regular 2022 legislative session

 

N. Mariana Islands

Not available

 

Ohio

HB 296

Modifies the law governing voter registration and the method of conducting elections. Requires the secretary of state to establish a pilot program to permit a uniformed services voter who is currently stationed outside the United States to return a voted ballot to the board of elections by electronic means using blockchain and for the board to create a paper version of the voted ballot for counting purposes.

Ohio

HB 387

Makes changes to the Election Law. Requires that on and after Jan. 1, 2023, all electronic equipment shall utilize blockchain technology, in addition to paper ballots and independent of any internet connection, to create an unalterable electronic record of votes cast, which shall employ software whose object codes and source codes are available for public inspection, but not for copying or reuse.

Ohio

HB 585

Amends §§1101.01, 1309.201, 1315.02, and 5726.01 and enacts §§1120.01, 1120.02, 1120.03, 1120.04, 1120.05, 1120.06, 1120.07, 1120.08, 1120.09, 1120.10, 1120.11, 1120.14, 1120.15, 1120.16, 1120.17, 1120.171, 1120.18, 1120.19, 1120.20, 1120.21, 1120.22, 1120.23, 1120.24, 1120.25, 1120.26, 1308.62, 1309.801, 1314.01, 1314.02, 1314.03, 1314.04, 1706.90, 1706.901, 1706.902, 1706.903, 1706.904, 1706.905, 1706.906, 1706.907, 1706.908, 1706.909, 1706.9010, 1706.9011, and 1706.9012 of the Revised Code to create 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.

Oklahoma

HB 3279
Passed House 3/15/22

Relates to technology; creates the Oklahoma Distributed Ledger Technology Assets Offering Act; provides legislative findings; requires act be used to regulate medical marijuana; defines terms; authorizes state to develop and use distributed ledger technologies; requires certain software; requires certain security and legal requirements; permits use of certain smartphone applications; authorizes additional uses; requires certain software features; limits use of convertible virtual currency; prescribes value of convertible virtual currency; provides requirements for digital and smart contracts; requires a digital identity and wallet; prohibits use of convertible virtual currency as an investment; requires use of decision tree; requires separate digital contract to charge a fee; prescribes procedure for payment; requires ecosystem operator to collect fees and taxes; requires ecosystem operator to perform certain accounting; prescribes method of compensation; requires ecosystem operator to provide certain information; requires the Oklahoma Tax Commission and Office of Management and Enterprise Services to make certain determinations; authorizes the Tax Commission, Office of Management and Enterprise Services, secretary of state, and state treasurer to promulgate rules; allows payment of taxes from certain sources; permits Tax Commission to appoint agents for certain purposes; creates requirements for distributed ledger technology asset offering agents; creates requirements for distributed ledger technology asset offering ecosystem operators; authorizes the Tax Commission and Office of Management and Enterprise Services to promulgate rules to validate transactions; allows certain contracts; allows use of memorandums of understanding; allows certain working groups; prohibits certification as a class action; requires certain security in action under this act; provides for severability; provides for non-codification; provides for codification; and provides an effective date.

Oregon

None

 

Pennsylvania

HB 1370

Allows for a waiver for innovative financial products or services; provides for duties of the secretary of the Department of Banking and Securities and the secretary of the Commonwealth; establishes the Economic Growth and State Utility Account.

Pennsylvania

HB 1800

Relates to state voting rights; provides for legislative authority over elections; establishes the Bureau of Election Audits; provides for special standing in challenges to the election code; provides for reports on implementation of elections; provides for powers and duties of county boards and provides for county boards of elections and satellite offices; provides for district election boards, for qualification of election officers. Requires the secretary of the commonwealth to investigate the use and viability of blockchain technology for the purposes of electronic voting by disabled voters and absentee voters as provided for in the Uniformed and Overseas Citizens Absentee Voting Act.

Pennsylvania

HR 121

Establishes the Blockchain Working Group.

Puerto Rico

None

 

Rhode Island

HB 7254

This bill establishes an economic growth blockchain act, sets regulations for the sale of hemp, regulates virtual and digital assets, and establishes depository banks for these purposes.

A. Samoa

Not available

 

South Carolina

None

 

South Dakota

None

 

Tennessee

HB 2643
SB 2855

Establishes the blockchain and cryptocurrency study committee.

Tennessee

HB 2644
SB 2882

Authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens.

Tennessee

HB 2645
Signed by governor 4/20/22, Public Chapter 852
SB 2854
Substituted 4/6/22

Enacts provisions governing decentralized organizations.

Tennessee

SB 535
Signed by governor 4/14/22, Public Chapter 861

Prohibits local governmental entities from paying, compensating, awarding, or remitting funds in the form of, or facilitating the conversion of compensation or funds to, blockchain, cryptocurrency, non-fungible tokens, or virtual currency to an individual person, corporation, or other entity (or procuring the services for the performance of any such actions) without the prior written approval of the state treasurer.

Texas

No regular 2022 legislative session

 

Utah

HB 335
Signed by governor 3/24/22, Chapter 363

This bill creates the Blockchain and Digital Innovation Task Force. This bill: creates the Blockchain and Digital Innovation Task Force (the task force); directs the appointment of members to the task force; directs the task force to: develop knowledge and expertise about blockchain and related technologies; and make policy recommendations related to blockchain and related technologies; requires the task force to report annually to the Business and Labor Interim Committee and the Legislative Management Committee; and sets a repeal date for the task force.

Utah

HB 485
Enacting clause stricken 3/4/22

This bill amends provisions related to electronic transactions and appearances. This bill: defines terms; clarifies that, for purposes of the Uniform Electronic Transactions Act, the term electronic" includes "blockchain"; and permits governmental agencies to develop requirements with respect to: electronic transactions; remote appearances; and certifying documents through blockchain.

Vermont

None

 

Virginia

HB 80
Passed House 2/14/22

Requires the Department of Health to establish the Healthcare Regulatory Sandbox Program to enable a person to obtain limited access to the market in the Commonwealth to temporarily test an innovative health care product or service on a limited basis without otherwise being licensed or authorized to act under the laws of the Commonwealth. Under the Program, an applicant requests the waiver of certain laws, regulations, or other requirements for a 24-month testing period, with an option to request an additional six-month testing period. The bill provides application requirements, consumer protections, procedures for exiting the Program or requesting an extension, and recordkeeping and reporting requirements. The bill requires the Department to provide an annual report to the Chairmen of the House Committee on Health, Welfare and Institutions and the Senate Committee on Education and Health that provides information regarding each Program participant and recommendations regarding the effectiveness of the Program. The bill has an expiration date of July 1, 2027.

Virginia

HJR 30

Establishes a 20-member, two-year joint subcommittee to identify research and economic development opportunities to inform a statewide, comprehensive, and coordinated strategy and a potential regulatory framework relating to blockchain technology and cryptocurrency.

U.S. Virgin Islands

None

 

Washington

HB 1729

Establishes the Washington blockchain work group (work group) for the purpose of examining various potential applications of and policies for blockchain technology. Requires the work group to submit a report to the governor and the Legislature by Dec. 1, 2023

Washington

SB 5534
Passed Senate 2/9/22

Requires, by Dec. 1, 2022, that the Consolidated Technology Services Agency (also known as WaTech), Department of Health, Department of Licensing, institutions of higher education, and the secretary of State to each report which programs, services, and projects may be well-suited to the use of verifiable credentials as a means of improving efficiency, customer experience, and safeguarding privacy. Requires WaTech to create a process for developing a recommended trust framework for verifiable credentials (trust framework) in Washington, by Oct. 1, 2022. Requires WaTech to develop and submit the trust framework, and any recommendations on legislation to implement the trust framework, to the Legislature by Dec. 1, 2023.

Washington

SB 5544
Signed by governor 3/30/22, Chapter 226

Establishes the Washington blockchain work group.

West Virginia

HB 4010

Relates to digital assets and recognizing virtual currency.

West Virginia

SB 504

Provides statutory framework for treatment of digital assets.

Wisconsin

None

 

Wyoming

SF 68
Signed by governor 3/9/22, Chapter 36

Relates to corporations; amends statutory provisions regulating decentralized autonomous organizations; amends definitions; makes technical corrections; amends the obligations of members and dissociated members; amends factors for dissolution of a decentralized autonomous organization; repeals definitions and provisions related to decentralized autonomous organizations; and provides for an effective date.

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Heather Morton is a senior fellow in Fiscal Affairs. She covers financial services, alcohol production and sales, telecommunications and medical malpractice issues for NCSL.

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