Category Archives: Andrea Tinianow

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Rhode Island Issues Blockchain Government Proposal

Rhode Island Issues Blockchain Government Proposal

Forbes business journalist Andrea Tinianow has reported that the State of Rhode Island has now issued a proposal to implement blockchain technology in its state governmance.

According to her, the State of Rhode Island issued a Request for Proposals (RFP) on 31 May, asking for a proof of concept of blockchain implementation “to be more efficient, transparent, accurate, secure and business friendly”

According to Elizabeth M Tanner, Director of Rhode Island’s Department for Business Regulation:

 “…we want greater inter-connectivity between government, business and our citizens… we need bold ideas to make government better.”

Tanner is no stranger to innovation and digitilization, having signed up for Estonia’s e-residency program to join the Eastern European nation in its blockchain revolution. Estonia’s blueprint for a blockchain government and efficiency in government delivery of services is a model to be followed, according to her. And she is not alone in her thinking.

Rhode Island Secretary of Commerce Stefan Pryor as well as Governor Gina Raimondo are on the same page as Tanner with regards to blockchain technology.

And the response to their RFP is decidedly strong, with Tanner claiming that there is a deluge of phone inquiries now.

Prodded about the expense budget that will surely arise when implementation comes, Tanner was confident that funding would be forthcoming, since there was a strong desire from the State to become “the testing ground for creatives working in the blockchain space”. Incentives included a USD 50,000 voucher for entrepreneurs to test products and services at state universities, including Brown University, RISD and Johnson and Wales.

Rhode Island’s  money transmitter law, however, is vague regarding crypto. Deputy Director Beth Dwyer explained, “we want to make it crystal clear who needs a license and who doesn’t need a license. That’s why there is pending legislation.”

 

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US Law Association Asks States to Withdraw Virtual Currency Model Act

US Law Association Asks States to Withdraw Virtual Currency Model Act

The Uniform Law Commission yesterday called upon US states who were considering its proposed model act for dealing with virtual currencies to hold their horses from enacting legislation, pending the findings of a new joint committee studying the impact of new technology on commercial law.

Forbes first reported what it termed as “seismic news“; ULC has been asked to join the new joint study committee alongside members of the American Law Institute. Together, they will study the impact of emerging tech, including blockchain, on the Uniform Commercial Code, which is a model state law governing commercial transactions in the US.

While US states like Wyoming and Missouri have already enacted laws (and at the same time rejected UCL’s models), the news still bears significance. The states of California, Hawaii, Nevada and Oklahoma are currently moving bills into legislation, based on ULC’s terminology for two laws, called the Uniform Regulation of Virtual Currency Businesses Act (URVCBA) and Supplemental Act. Others like Rhode Island were only considering the former.

This latest UCL call itself, apparently, was part of a direct 3-page written response to a Forbes article published earlier this month, in which ex-chief of the Delaware Blockchain Initiative Andrea Tinianow slammed the Supplemental Act, and supported Wyoming’s stance. It had asked for a correction of what it deemed erroneous statements, although Tinianow insists she had represented facts accurately.

Uniform Law Commission responds to Forbes articles on uniform laws regulating virtual currency businesses. https://t.co/a51W97Qwy7 @uniformlaws https://t.co/Y9EctBPFg8

— Uniform Laws (@uniformlaws) March 25, 2019

This is only the latest development in the US legal scene, with growing rifts in opinion on how the law should perceive blockchain technology and virtual currencies like Bitcoin. It appears that UCL and others have taken this into consideration and this could explain the new joint study commission.

In its statement, it appears to invite more participants to join:

“The committee welcomes participants from states that wish to be involved in its work and from individuals and groups with a stake in the development of appropriate laws to govern digital-asset transactions.”

 

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