South Carolina Senate Identifies Blockchain As a Crucial Technology!

South Carolina Senate Identifies Blockchain As a Crucial Technology!

Blockchain News
March 12, 2020 Editor's Desk
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The State Senate of South Carolina has announced a resolution identifying the potential of blockchain technology. A new drive for emerging technology in the state The bill is called “A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South Carolina To Join In Encouraging The Promotion
South Carolina Senate

The State Senate of South Carolina has announced a resolution identifying the potential of blockchain technology.

A new drive for emerging technology in the state

The bill is called “A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South Carolina To Join In Encouraging The Promotion Of Blockchain Technology In Our State” and was passed on March 10.

Precisely, the bill highlights the imperative preference of embracing developing technologies throughout the state, with an aim “to become the capital for the real-world application of the emerging technology of blockchain.” To promote the public to get certified with blockchain, local nonprofit organizations and blockchain advocacy entities have contributed to city and state organizations and universities.

The U.S. analyzes the crypto and blockchain industry

The news came on the bases of the introduction of the “Crypto-Currency Act of 2020,” a bill that “looks to offer not only clarity but legitimacy to crypto assets in the United States,” by Representative Paul Gosar (R-AZ).

The bill is more specific about discovering “primary” rather than “sole” regulatory accountability. Communications Director for Gosar, Ben Goldey, described the importance of industry engagement before legislative approval:

“Since this is such a niche issue, we worked with stakeholders and outside groups/experts to get a good sense of the kind of clarity that the industry needed. We chose to gather stakeholder support before working toward cosponsors.”

 The U.S. Department of the Treasury met with significant stakeholders in the cryptocurrency space to address regulatory hurdles, earlier in March. At the time, the Treasury took a clear position that it is concentrated on limiting the application of crypto-assets for terrorist financing, money laundering, and other illicit purposes.

The regulator also described that the U.S. would stay at the lead of cryptocurrency regulation and “will not permit the usage of cryptocurrencies in aid of illegal activities.”

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