California State may soon address the uncertainty within blockchain regulation after the Majority leader, Ian Calderon, noted that it is important to give direction and approval for this tech. Calderon was speaking in Las Vegas at the Elev8CON where he emphasized that consumer confidence can only be achieved if the Government understands and consequently approves the use of blockchain.
The California Majority Leader had earlier on initiated a bill to charter for the legal uncertainties surrounding blockchain tech in the highly populated state. This bill has been instrumental in establishing a task force under California’s GovOps to advance the blockchain agenda based on research. According to Calderon, the report which is due in July 2020 will be underlying for California’s blockchain regulation policy.
One of the main obligations of this proposed piece of legislation is to define blockchain in a language that can be easily understood by lawmakers and the public. The bill dubbed ‘Assembly Bill 2658’ has since described blockchain tech as;
“Blockchain technology is used to build decentralized systems that increase the verifiability of data shared amongst a group of participants, which brings increased trust to the overall system.”
Calderon further stated that they have to be prudent with timelines given the fast-moving nature of developments in the blockchain space. They will therefore have a meeting as soon as January 2020 to go through the report prior to its submission in July. This will be key in speeding up a documented policy for blockchain activity given the lengthy process of getting a bill drafted to law.
In his final remarks, the California Majority leader invited anyone interested to participate in the policy creation process. He said that government involvement is in the best interest of stakeholders in the blockchain space and commended the active feedback from this community in California. Calderon is optimistic that his state will be a leader in blockchain regulation to set precedence for other states and ultimately a national reference point.