Blockchain, Cryptocurrency Bills Head to Committee

Blockchain, Cryptocurrency Bills Head to Committee

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Digital currency and blockchain, the electronic record innovation still under extensive discussion cross country, could before long have a really ordering presence in California assuming administrators approve.

Elected agents in the state Senate and Assembly have proposed a few regulations that would extend and explain the utilization of blockchain and cryptographic money in the general population and private areas as well as instruction – assuming they should clean the Legislature and win a mark off of Gov. Gavin Newsom not long from now. This is what our electeds are as of now considering:

State Senate Bill 1190, from state Sen. Bob Hertzberg, D-Van Nuys, would require the California Department of Technology (CDT) by Jan. 1, 2024, to make a “California Trust Framework to provide industry standards and best practices regarding the issuance of credentials to verify information about a person or a legal entity.” It would likewise require CDT to work with the California Department of Education on standing up a five-year pilot “using verifiable credentials” for secondary school records. The bill characterizes an obvious qualification as “a cryptographically secure set of information, created in accordance with open standards, which comply with and protect all existing privacy protections and is a user-controlled, portable means of sharing information in a manner that can be authenticated through publicly available services.” The bill would require the pilot to let taking part secondary schools utilize those undeniable accreditations for understudy records – and go into concurrences with junior colleges to acknowledge the utilization of those records by understudies. Hertzberg, who is state Senate greater part pioneer, told Techwire by means of email that legislators “want to make blockchain technology a part of everyday life in California.”
“Starting with high school transcripts is an easy way to introduce blockchain to a whole new generation that will come to rely on the technology for the security it provides and trust it creates. Government should always be in the space of innovating and using blockchain technology in credentialing will put our state on the leading edge,” he added. The bill has been acquainted and alluded with the state Senate advisory groups on Governmental Organization and Education. No consultation dates have yet been announced.State Assembly Bill 2689, from Assemblymember Jordan Cunningham, R-San Luis Obispo, would approve state substances – either open or private area – to accept virtual cash as installment for labor and products, including for legislative administrations. It characterizes a public element as “the state and every state entity,” including the Legislature, legal branch, the University of California and California State University frameworks along with provinces, urban areas, sanction urban areas and regions, school regions, junior college locale, and joint powers specialists and organizations. The bill characterizes virtual money as “a digital representation of value that functions as a medium of exchange, unit of account, or store of value, and is often secured using blockchain technology.” The bill has been acquainted and alluded with the Assembly boards of trustees on Banking and Finance, and on Privacy and Consumer Protection; hearing dates haven’t been announced.AB 2781, additionally from Cunningham, would require the California Employment Development Department – which lost billions to joblessness protection extortion during the pandemic and was requested by the State Auditor to eliminate Social Security numbers from sent correspondence to lessen wholesale fraud – to “study the feasibility of utilizing blockchain technology.” The bill characterizes blockchain as “a mathematically secured, chronological, and decentralized ledger or database.” The bill has been acquainted and alluded with the Assembly advisory groups on Insurance, and on Privacy and Consumer Protection; hearing dates haven’t been announced.Somewhat correspondingly to AB 2689, however completely open area centered, SB 1275, from state Sen. Sydney Kamlager, D-Los Angeles, would “authorize a state agency to accept cryptocurrency as a method of payment for the provision of government services.” It has been alluded to the Senate panels on Governmental Organization and on Banking and Financial Institutions; hearing dates haven’t been reported.

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