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Advocacy Groups Separate Fact from Fiction as California Passes Crypto Bills

Two pending blockchain and cryptocurrency bills have passed through the Californian Legislature into law, with support from a community advocacy group.

It appears that the two bills, created to clarify cryptocurrency and allow blockchain-based business to have a legal standing in the state, had considerable non-governmental support leading up to their adoption.

The Advocacy Blockchain Coalition is becoming one of a number of community groups now fulfilling an essential role in bringing facts about the industry to the attention of lawmakers. Sensationalist media reports have done little to help the advancement of emerging technologies such as blockchain and cryptocurrency in the US and advocacy groups are beginning to plug the educational gap between fact and fiction.

Lobbyists and advocacy groups manage to cut through the media hype and provide lawmakers with essential information about what blockchain and cryptocurrencies can achieve and how they can be utilized in the financial sector and elsewhere.

The new Californian bills passed, SB 838 and AB 2658, have provided a legal framework for companies to record and transfer stocks using DLT and include legislative support for contracts signed electronically, negating the need for written authorization.

They also define blockchain as “a mathematically secured, chronological, and decentralized ledger or database”, representing a huge step in accepting blockchain in the state and elsewhere in the US. This bill should receive widespread support from the public domain, comprising those from within the industry as well as members of the legal profession, private companies, and consumer groups.

One requirement of bill AB 2658 is the creation of a working group within the State Government of California including members of the cryptocurrency community, as well as legislators, to examine blockchain technology more thoroughly. The group will report back to the Legislature before July 2020 with recommendations on how it could be used at state governmental level and among the Californian business community.

A statement made Senator Roberts Hertzberg, representing the 18th District of California and the author of the first bill, commended the part that advocacy groups were playing in educating lawmakers on the use cases of blockchain technology, particularly given the flow of negative media coverage surrounding emerging technologies.

 

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