Blockchain Working Group Bill Signed By Connecticut Governor Dannel Malloybr>
A bill that proposes to create a blockchain working group to study the technology has been signed into law by Connecticut governor Dannel Malloy.
Biil SB443 passed both legislative houses in May without a single lawmaker voting against the measure. Under the bill, the working group will be tasked to “develop a master plan for fostering the expansion and growth of the blockchain industry in the state and recommend policies and state investments to make Connecticut the world leader in blockchain technology.”
The working group will identify the economic growth and development opportunities presented by blockchain technology; assess the existing blockchain industry in the state; review workforce needs and academic programs required to build blockchain expertise across all relevant industries; and make legislative recommendations that will help promote innovation and economic growth by reducing barriers to and expediting the expansion of the state’s blockchain industry.
“Not later than January 1, 2019, the working group shall submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to commerce, in accordance with the provisions of section 11-4a of the general statutes. The working group shall terminate on the date that it submits such report or January 1, 2019, whichever is later.”
According to the bill, the working group will be comprised of at least five individuals appointed by the commissioner, each of whom shall have expertise in blockchain technology or represent an industry that could benefit from the technology. Two members will be appointed by the president of The University of Connecticut. Catherine Smith, the state’s Commissioner of Economic and Community Development, or her designee will also serve as an ex officio member of the group.
Last month, the New York State Assembly proposed a similar bill. If approved, the New York task force will be required to submit a report by December 15, 2019 that would focus on developing regulatory recommendations.