Massachusetts bill for special blockchain commission to assess government usage

Two bills related to crypto were introduced to the Massachusetts House of Representatives on Jan. 19. The first related to a new “special commission on blockchain” and the second on “protecting consumers in cryptocurrency exchanges.”

Given the recent publicity received through the FTX collapse, it is unsurprising that officials would look to add extra consumer protection. The creation of a ‘special commission’ on blockchain could also be a bullish indicator for the citizens of Massachusetts, providing the commission receives adequate information to analyze.

Massachusetts Special Commission on crypto

Special Commission

Massachusetts Representatives Josh S. Cutler and Kate Lipper-Garabedian submitted the bill entitled “An Act establishing a special commission on blockchain and cryptocurrency” on Jan. 19 to create a steering group within the Massachusetts House to look at blockchain technology.

“For the purposes of making an investigation relative to blockchain technology to develop a master plan of recommendations for fostering the appropriate expansion of blockchain technology in the Commonwealth.”

The commission is planned to contain 25 members, including the House Speaker, the minority leader, and the president of the Senate, suggesting, if passed, the commission is to be taken seriously.

The commission is designed to focus on several key areas

The feasibility, validity, admissibility, and risks related to using blockchain technology for government usage within Massachusetts.Whether its definition of blockchain is sufficient concerning enforceable laws.The potential impact on the Massachusetts state revenues of digital assets and cryptocurrencies.Government and business advisory availability, with a focus on cannabis retail stores.How energy consumption may need to be regulated.Any additional consumer protections required for retail users of crypto.“Best practices for enabling blockchain technology to benefit the commonwealth.”Which state entities should be responsible for the enforcement of blockchain regulations.Any other blockchain-related…..

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