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Utah Senate to Decide on Creating a Blockchain Task Force and Bolstering Business Incentives

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Utah Blockchain Task force

The Utah Senate is considering paying closer attention to blockchain technology. Republican senator Daniel Hemmert introduced the bill, dubbed ‘The Blockchain Technology Act’.

In the bill, he motioned that blockchain businesses should be excluded from the money transmitter regulations. The bill is set to be heard today, on March 4th.

All About Bill 0213

The bill, also called ‘Bill 0213,’ aims to define terms that are related to the blockchain technology. Additionally, it exempts people who run their businesses around the blockchain and its offshoots, from certain regulatory obligations.

According to Mr.Hemmert, the bill:

…[E]xempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act…

The Blockchain Pilot Project Evaluation Task Force

 Secondly, bill 0213 seeks to create a 12-person task force to focus on technology. The task force will administer and run pilot projects, reporting back to the government by the end of the year. This legislative group will be called the ‘Blockchain Pilot Project Evaluation Task Force’.

A section of the text in the bill reads:

…On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation…

If the bill gains ground, this task force will help create pilot projects at the municipal level. It will research the community level, to gauge if it is possible to apply blockchain solutions in everyday problems. The end goal is to use the blockchain tech to further future economic development of Utah.

Ultimately, the task force will file a report at the end of the year. This report will include any proposed regulations that will crop up from the proposed pilot projects. The group will be required to table the reports before November 30th, 2019.

What Does This Mean for the Industry?

Senator Hemmert’s move should be music in crypto enthusiasts in Utah. His sponsored bill is a good forecast for Bitcoin and the blockchain ecosystem. It may pave the way for other favourable rulings in the future.

Pennsylvania has also drafted and passed similar laws. Since January, cryptocurrency exchanges and other players in the sector do not have to have money transmission licenses. However, North Carolina legislators do not seem to share the same sentiments.

In 2016, North Carolina took the opposite stance. To deal with Bitcoin or any other cryptocurrencies in the state, investors need a license. The Money Transmitters Act in the state defines Bitcoin and other blockchain tokens as money.

What do you think about Bill 0213? Do you think the Senate will pass it?

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