Senators in the state of Nevada have fully supported a blockchain bill that would prevent a local government from taxing or imposing restrictions upon the use of a blockchain.
SB 398 was first filed by Ben Kieckhefer on March 20, the bill was introduced to ensure that the State keeps up with the advancements of technology in addition to establishing a legal framework for people utilizing a blockchain and not to do so in a legal gray area.
Over a month since the bill was first introduced, senators in the state of Nevada advanced the bill with full backing with a 21-0 vote.
During the Senate Committee on Judiciary [PDF] last month, Kieckhefer explained to those present that the SB 398 bill was an offshoot of several efforts he had worked on during the 2015-2016 Interim to ensure that Nevada provided a welcoming and inclusive environment for startups.
Entrepreneurs have been working on a package of legislation to ensure that, instead of just incentivizing large companies to relocate to the State, we have policies incentivizing them and smaller companies to start and grow here.
According to public records, the bill [PDF] states:
This bill prohibit[s] a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.
The bill will now move to the state’s Assembly for further consideration.
Nevada is not the only state that is pushing the blockchain agenda, which could essentially pave the way for smart contracts too in the state.
Last month, the Senate of the state of Arizona passed a blockchain bill that would give smart contracts and blockchain signatures legal binding status after passing a vote of 28-1.
With more companies experimenting with smart contracts, this is welcome news for many companies and neighboring states following progress, as it means that smart contracts must be upheld and enforced under Arizona law. Such a move could help Nevada as SB 398 progresses and may help the bill being signed into law.
However, while Arizona appears keen to push the blockchain agenda, it doesn’t feel its use can be used for everything. So much so, that earlier this month, the state’s governor signed into law a blockchain bill that would prohibit the blockchain technology from being used to track firearm information.
Featured image from Wikimedia.
Last modified: June 10, 2020 11:55 AM UTC