Outside of a few local governments, the United States as a whole hasn’t gotten around to acting upon the opportunities that blockchain technology presents. This is about to change, at least as far as Connecticut is concerned, with a new bill signed by Governor Dannel Malloy.
SB 443 establishes a working group for blockchain technology in Connecticut that would analyze the industrial landscape and provide the support needed for it to grow.
Instead of being a provision that rushes to regulate the industry, it creates a directive for the government to do whatever it can to ensure that blockchain businesses do not experience obstacles.
In addition to analyzing the blockchain technology companies already located in the state, the working group is supposed to “study and make recommendations regarding tax code changes, appropriations, bond authorizations, administrative and organizational actions and related activities that would encourage the expansion and growth of the state’s blockchain industry.”
Five or more individuals will be involved in this group, each of whom would be tasked with finding out how to make Connecticut more attractive for companies that want to be nurtured in a friendly state.
Over in Europe, Malta took a similar initiative by establishing a regulatory framework that set it up to become a blockchain hub for the continent. Shortly after its announcement, both Binance and OKEx established offices on this small island.
If American states provide such favorable conditions, one wouldn’t be blamed for envisioning another Silicon Valley-like miracle appearing somewhere in the country.
In fact, Connecticut beat California to the punch with its bill. California’s version of SB 443—known as CA AB2658—still hasn’t entirely passed committee and hasn’t been voted on.