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U.S. State of Colorado Passes Laws to Foster Blockchain Technology and Blocks Cryptocurrency Security's Bill

U.S. State of Colorado Passes Laws to Foster Blockchain Technology and Blocks Cryptocurrency Security’s Bill

Reading Time: 2 minutes by on May 11, 2018 Blockchain, Business, Commentary, News, Regulation, Tech
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On May 8, 2018, Colorado became the first U.S state to introduce laws on blockchain technology, mainly for protecting confidential data in state records. Filament, an enterprise that merges Internet of Things (IoT) and blockchains to authorize and sign real-time machine transactions, announced the news.

Colorado Community Collaboration

According to the legislation passed by the State of Colorado, blockchain, along with other distributed ledger technologies, can now be used for various purposes such as improving the state government’s operations and data security.

Previously, in a joint effort with Filament, Senators Kent Lambert and Angela Williams, along with State Representative Bob Rankin, have worked closely to ensure that cities and counties in Colorado don’t levy high taxes on local organizations and businesses that implement the use of blockchain and other distributed ledger technology. This tax point makes sure that a safe regulatory environment exists.

Lambert has observed that organizations and industries that have adopted blockchain technology are bearing fruit, and firmly believes that blockchain has an “if you build it, they will come” appeal, that could be instrumental in attracting new businesses to Colorado.

The Colorado Senator also added that adopting blockchain technology will work as a stepping stone in improving the already strong technology industry of Colorado and encourage new innovators and startups.

Recognizing Blockchain and its Benefits

Recognizing the importance of blockchain and its versatility, Senate Bill 86 emphasizes the use of blockchain technology and making use of its unique solutions in different sectors as it offers data by mapping human action to transactions performed online. Encryption of state records also forms another focal point of the bill.

Hoping and working for a better future for Colorado’s students, entrepreneurs, and government, Senator Williams feels that the entrepreneurial state of Colorado has made the right choice by adopting the robust blockchain technology.

Allison Clift-Jennings, the CEO of Filament, is aware of the firm’s strong presence in Colorado and is also dedicated to improving the technology sector in the state

In other news, House Bill 1426, that which would exclude specific cryptocurrencies from being regulated as securities in the state, failed to pass on May 9, 2018. The bill fell to an 18 to 17 vote, and co-sponsor Senator Tim Neville reported that “this was an epic fail for those who chose not to support it.”

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