Blockchain technology is an emerging segment in the finance and computing world, and at least one Pennsylvania lawmaker wants Keystone State to be at the forefront of its development.
State Representative Napoleon Nelson, D-Montgomery, chairman of the recently formed bipartisan Emerging Technologies Caucus, has unveiled a blockchain technology package that focuses on encouraging the expansion of the blockchain industry in Pennsylvania.
Nelson’s proposals, House Bill 1370 and House Resolution 121, would forego laws prohibiting businesses from making blockchain-based technologies available to consumers and would create a group tasked with planning the industry’s growth in Pennsylvania by developing recommendations for laws and regulations.
Blockchain, a tamper-proof digital transaction ledger with its most widespread use as a cryptocurrency like Bitcoin, was valued at $ 3 billion in 2020 and is expected to grow to nearly $ 40 billion by 2025.
“Right now, blockchain is a regulatory gray area as many of today’s laws and regulations did not provide the level of technology we enjoy today,” Nelson said in a press release. “To keep our community on the cutting edge of technological innovation, I have put two measures in place that will help develop a legal framework in support of blockchain technology that will both promote business development and protect consumers.”