Several bills related to cryptocurrency and blockchain technology are set to be voted on this week in the Alabama Legislature, signaling a test for lawmakers’ interest in regulating these emerging technologies. The first bill, Senate Bill 282, sponsored by Sen. Will Barfoot, would exempt virtual currency from state property tax and define virtual currency within the state. This bill is part of a series of bills on cryptocurrency and blockchain technology introduced by Rep. Mike Shaw, including bills on allowing state funds to be invested in digital assets and mandating state expenditures to be published on a public blockchain. The Alabama Blockchain Alliance praised the legislation as a positive step towards clear rule-making in the blockchain space.
Wade Preston of the Alliance highlighted the importance of digital assets and public ledgers in various sectors beyond just traditional cryptocurrencies like Bitcoin and Ethereum. He suggested that a regulatory sandbox approach could help create a favorable environment for cryptocurrency and blockchain entrepreneurs, allowing for growth while providing valuable data for future regulation.
The introduction of these bills reflects a growing trend towards utilizing blockchain technology for record-keeping purposes in various states, with California digitizing car titles using blockchain last year. Supporters of the Alabama bills, such as Shaw and Preston, see them as an opportunity for the state to lead in blockchain-related policy and establish a crypto-blockchain regulatory framework. These efforts align with the goals of the Alabama Blockchain Study Commission to position Alabama as a cryptocurrency and blockchain-friendly state.
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