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Cryptocurrency and blockchain, the digital ledger expertise nonetheless below appreciable debate nationwide, may quickly have a extra commanding presence in California if lawmakers approve.
Elected representatives within the state Senate and Meeting have proposed a number of legal guidelines that will develop and make clear using blockchain and cryptocurrency in the private and non-private sectors in addition to training — if they need to clear the Legislature and win a signature from Gov. Gavin Newsom later this yr. Right here’s what our electeds are at the moment contemplating:
- State Senate Bill 1190, from state Sen. Bob Hertzberg, D-Van Nuys, would require the California Division of Know-how (CDT) by Jan. 1, 2024, to create a “California Belief Framework to offer trade requirements and finest practices concerning the issuance of credentials to confirm details about an individual or a authorized entity.” It could additionally require CDT to work with the California Division of Schooling on standing up a five-year pilot “utilizing verifiable credentials” for highschool transcripts. The invoice defines a verifiable credential as “a cryptographically safe set of knowledge, created in accordance with open requirements, which adjust to and shield all current privateness protections and is a user-controlled, transportable technique of sharing data in a fashion that may be authenticated by publicly out there companies.” The invoice would require the pilot to let taking part excessive faculties use these verifiable credentials for pupil transcripts — and enter into agreements with group schools to just accept using these transcripts by college students. Hertzberg, who’s state Senate majority chief, instructed Techwire by way of electronic mail that lawmakers “wish to make blockchain expertise part of on a regular basis life in California.”
“Beginning with highschool transcripts is a simple strategy to introduce blockchain to a complete new era that may come to depend on the expertise for the safety it supplies and belief it creates. Authorities ought to all the time be within the house of innovating and utilizing blockchain expertise in credentialing will put our state on the vanguard,” he added. The invoice has been launched and referred to the state Senate committees on Governmental Group and Schooling. No listening to dates have but been introduced.
- State Assembly Bill 2689, from Assemblymember Jordan Cunningham, R-San Luis Obispo, would authorize state entities — both public or personal sector — to take digital forex as fee for items or companies, together with for governmental companies. It defines a public entity as “the state and each state entity,” together with the Legislature, judicial department, the College of California and California State College methods in addition to counties, cities, constitution cities and counties, faculty districts, group faculty districts, and joint powers authorities and companies. The invoice defines digital forex as “a digital illustration of worth that capabilities as a medium of change, unit of account, or retailer of worth, and is usually secured utilizing blockchain expertise.” The invoice has been launched and referred to the Meeting committees on Banking and Finance, and on Privateness and Client Safety; listening to dates haven’t been introduced.
- AB 2781, additionally from Cunningham, would require the California Employment Improvement Division — which lost billions to unemployment insurance coverage fraud throughout the pandemic and was ordered by the State Auditor to take away Social Safety numbers from mailed correspondence to cut back id theft — to “examine the feasibility of using blockchain expertise.” The invoice defines blockchain as “a mathematically secured, chronological, and decentralized ledger or database.” The invoice has been launched and referred to the Meeting committees on Insurance coverage, and on Privateness and Client Safety; listening to dates haven’t been introduced.
- Considerably equally to AB 2689, although fully public sector-focused, SB 1275, from state Sen. Sydney Kamlager, D-Los Angeles, would “authorize a state company to just accept cryptocurrency as a technique of fee for the availability of presidency companies.” It has been referred to the Senate committees on Governmental Group and on Banking and Monetary Establishments; listening to dates haven’t been introduced.