USA has complex laws. Some work on the nation level and some work on the state level. And each state gets the choice on which type of the laws are good for their citizens. And this means for crypto each state has to come up with their own bills and the regulations which business and citizens are going to comply.
Recently Tennessee State has decided to introduce the blockchain basics act. And for this act they are being sponsored by the satoshi action fund. And then one of the minister who introduced this in the general assembly.
In this post, let's talk about this new blockchain basics act.
What is Blockchain Basics Act?
This new bill from the state of Tennessee has decided to preseve the rights of the citizens for privacy, digital assets, custody and freedom to mine. This bill was sponsored by the Satoshi Action Fund through Senator Bo Watson. Currently this is just a draft phase as of now however it has reached the assembly for discussion.
You can check out the document here. As you can see it is currrently covering very limited set of the topic but it is a start and such changes in the blockchain would happen incrementaly. This act is not only designed to protect the rights of the citizens but also help on the expansion of the user rights regarding blockchain.
Who is Satoshi Action Fund?
Senator Bo Watson got the support of the Satoshi Action fund advocay. They are the organization who are going to be making the blockchain and bitcoin common among the states in the US. And apart from that they are also open for the implementation of the blockchain tech like lightning network, wallets and apps adoptable in states of US through advocacy.
You can check out their website for the advocacy work that they have done over the years here. They have managed to advocate the blockchain and the bitcoin usage rights in various US states. And some of them have pushed for such acts and bill within the state. So there seems to be growth in this advocacy work.
Some states like virginia, nebraska and indiana are listed in their advocay work too. Which you can check from their official website.
What to expect from such Act and Regulated Bills?
Current focus of the blockchain advocacy groups around the world is basically get the govt to accept the concept of the blockchain. And after that they would be letting the exchanges and the laws to be ammended for the crypto and blockchain world to be included under SEC. Though blockchain advocates want the world without any govt. But in real life that does not happen.
Most of the blockchain advocacy would make the crypto more centralized. And this also means that such acts and the regulated bills would be only making the adoption easier. Adoption takes time, implementation of tech inside existing system also takes time. CBDC and the blockchain smart contracts and the legal addition of the variety of changes would surely take some time.
Many states are being introduced with the bitcoin and blockchain advocacy. And Tennessee State had it's own introduction of the blockchian basics act being introduced in assembly. This means advocacy is in motion in the state. Let's see where the future goes for the state for bitcoin adoption.