California passes blockchain bill

Verified
4 months ago
0

On February 15, 2018, California Assemblymember Ian C. Calderon introduced blockchain bill AB 2658. The bill complies legislative framework and a definition of blockchain to give businesses in California greater security.

The California bill passed on May 30 with 76 aye votes. It describes blockchain as “a mathematically secured, chronological, and decentralized ledger or database of transactions or other data.” This definition remains in force until January 1, 2022. The bill only refers to blockchain and rules out smart contracts due to potential difficulties.

At the moment, there is no general definition of blockchain. There are several states with a blockchain related bill, each one of them having their own definition of that technology. This particular bill is the first step to blockchain and crypto regulation in California. As Assemblymember Calderon claimes, there are no proven ways to regulate this new technology. Calderon suggests moving forward and refining regulation, allowing California to be a leader in blockchain innovation.