Lawmakers Of Utah Introduce Bill for Regulating Blockchain Firms

Lawmakers from the state of Utah in the United States have introduced a bill according to which blockchain companies will not be classified as organizations engaged in financial transactions.

Republican senator Daniel HEMMERT filed Bill 213, which proposes that any person who "facilitates the creation, exchange or sale" of certain products related to the blockchain, should be exempted from the Money Transmitter Act of the state.

The bill also aims to establish a working group called “Blockchain Pilot Project Evaluation Task Force” to explore the potential of technology in the framework of public services. A task force consisting of 12 people will propose a pilot project using technology in the state of Utah at a state or municipal level. They will also explore the commercial use of the blockchain for “future economic development in Utah.”

Based on the results of the work, a report will be prepared, including regulatory proposals for the Business and Labor Interim Committee and the Legislative Management Committee. Results will be announced on November 30th.

Image courtesy of Altcoin Buzz