Jay Inslee – Governor of Washington – signed into law the Engrossed Substitute Senate Bill 5544, which establishes a blockchain workgroup in the northwest state. The development aims to accelerate the adoption of the technology across a wide range of sectors such as banking and financial services, health care, real estate transactions, higher education, supply chain, and more.
Blockchain Work Group Emerging in Washington
According to a recent press release, the unit will help Washington become a global leader in the cryptocurrency universe. The workgroup will encompass several participants, including financial institutions, representatives from the legislature, and trade associations. It will host its inaugural meeting by December 1, 2022, and present a report to Governor Inslee by December 1, 2023.
Senator Sharon Brown – a sponsor of the legislation – opined that numerous companies seek to adopt blockchain technology to “improve the delivery of services.” In her view, this law is a “vital first step” in creating a welcoming environment for new business prospects.
“By creating the Washington Blockchain Work Group, we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers, and workers,” she surmised.
The Cascadia region (where the state of Washington is located) is home to many startups focused on fintech and blockchain technology, with ArcBlock, Dragonchain, Lumedic, and Mythical Games being some examples.
Arry Yu – a top executive at WTIA Cascadia Blockchain Council – predicted that the formation of the aforementioned workgroup will transform Washington into a global crypto hub. “It has been a tireless few months of work from the Council and our supporters, and it’s rewarding to see our hard work come to fruition,” she said.
Michael Schutzler – CEO of the Washington Technology Industry Association (WTIA) – believes the initiative will attract future investments and create job opportunities in the state of Washington.
The Current Crypto Hub of the US
One of the states where cryptocurrencies and blockchain technology currently flourishes is Texas. The “Lone Star State” has emerged as the crypto mining capital of the USA due to its relatively low prices of electricity, while many local lawmakers have a positive stance towards the industry.
Earlier this month, Pete Sessions – Congressman representing Texas’ 17th Congressional District – claimed that bitcoin is “aligned with American values and will strengthen the dollar.” Shortly after, the Republican indicated that BTC mining could rebuild the energy independence of the United States.
Another Texas politician keen on the digital asset sector is Austin’s mayor – Steve Adler. A few weeks ago, he proposed two initiatives to turn the city into a “global leader in the crypto space:” further promoting the benefits of blockchain technology and Web3 and adopting bitcoin as a payment method for taxes and penalties.