Governor Cox of Utah has signed a bill that supports crypto and Blockchain. The bill brings into existence a task force dedicated to blockchain and innovation. The United States of America has stringent measures and a strong dislike for Bitcoin and all matters crypto. However, many Americans have wholeheartedly embraced cryptocurrencies and the financial freedom they bring.
Even though Cox has just signed the bill, talks about the task force began as early as three years ago. This shows how slow the rate of adoption of Bitcoin and cryptocurrencies is in developed nations. In stark contrast, less developed countries take a relatively shorter time to enact the same type of bills into action.
FinTech and blockchain companies will get financial aid from the federal government as part of the bill incentives. The financial incentive will help them enhance their tech innovations in the blockchain space.
According to the bill, the task force shall “develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation.”
The bill stipulates that the task force will have 20 members who have experience in fintech, cryptocurrencies, and blockchain technology. Consequently, Utah is now among the states proactively supporting crypto and taking a firm stance on its adoption.
Apart from Utah, several other states have been reportedly examining crypto and the possibilities of crypto adoption. New York and California are among the leading states in terms of crypto adoption news. For instance, New York has released several crypto regulations in the past few weeks. And on the other hand, California’s Governor Newsom has issued an executive order on Blockchain and cryptocurrency.
The SEC has been hot on the heels of blockchain startups, a war that they are swiftly losing. Federal governments will do what is best for the people. As a result, other slacking states will want to join in. This influence is already evident in the way the CAR followed El Salvador in legalizing Bitcoin as currency. Only time will tell whether this scenario can be replicable at the state level across the United States.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.