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California Pushes Forward with Blockchain Legislation

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California blockchain

California Governor Jerry Brown signed Assembly Bill No. 2658 to study blockchain.

“This bill, until January 1, 2022, would require the Secretary of the Government Operations Agency to appoint a blockchain working group on or before July 1, 2019. The bill would define blockchain. The bill, on or before July 1, 2020, would require the working group to report to the Legislature on the potential uses, risks, and benefits of the use of blockchain technology by state government and California-based businesses, as specified.”

Blockchain Requirements under the Law

Under the terms of the new law, an appointed group must now evaluate the use of the technology in state government and in business.

Furthermore, it must study the risks, including privacy risks. Additionally, the group must look into the benefits of blockchain, as well as the legal implications involving the technology. Moreover, it must identify the best practices of enabling the technology to benefit the state.

In doing so, notes Lexology, the review group must seek “input from a broad range of stakeholders with a diverse range of interests affected by state policies governing emerging technologies, privacy, business, the courts, the legal community and state government.”

Senate Bill 838: Articles of Incorporation

Additionally, the signing of another bill could provide authorization to a corporation or a social purpose corporation regarding the technology. This sanction will be valid until January 2022. If the legislation is signed, SB 838 will allow corporations in California to utilize the technology to transfer stock.

According to Senator Robert Hertzberg:

“Allowing corporations to utilize a more secure technology will increase consumer protection and help prevent cases of fraud. The sunset date for this bill will allow us to study its implementation and make recommendations to incorporate blockchain.”

As many more states look into the benefits of blockchain, we’re likely to see broader acceptance and adoption.

 

 

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