Governor Jay Inslee has finally signed the Washington State Blockchain Work Group bill into law today. The bill was championed by the Washington Technology Industry Association (WTIA) and State Senator Sharon Brown.
The bill, called the Engrossed Substitute Senate Bill 5544 was initially proposed in the Senate in 2019 and took three years and one veto to finally become a law. The bill saw strong support from both parties of the House of Representatives and the Senate.
The bill establishes the Washington blockchain work group with the purpose of examining “various potential applications of and policies for blockchain technology” which includes “applications in computing, banking and other financial services, the real estate transaction process, health care, supply chain management, higher education, identity verification, and public recordkeeping.”
“This new law is a vital first-step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities” said Sen. Sharon Brown.
“By creating the Washington Blockchain Work Group we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.”
The inaugural meeting of the work group will be conducted on December 1, 2022 and the report shall be to the Governor by December 1, 2023. The work group will consist of seven government officials and eight leaders of various trade associations across the state.
WTIA’s Cascadia Blockchain Council helps blockchain companies scale and reach their full potential. The council serves “as the subject matter experts and collective voice to better advocate for constructive public policy and educate key stakeholders, especially investors.”
“Since its founding, the Cascadia Blockchain Council has been dedicated to making the region a global hub for blockchain development. Today represents a major step forward in achieving our goal,” said Arry Yu, Chair, WTIA Cascadia Blockchain Council.
“With the formation of the work group, Washington is now positioned to lead the country when it comes to blockchain and distributed ledger technology. It has been a tireless few months of work from the Council and our supporters, and it’s rewarding to see our hard work come to fruition.”
On the other hand, Canadian Web3 developers have taken matters into their own hands and formed the Canadian Web3 Council to advocate the formation of transparent and effective policy solutions for the crypto sector. The council is formed by big names such as Dapper Labs and Ether Capital.
