House Bill 2604 - Blockchain Work Group (Washington, 2020)

Summary

House Bill 2604 of the State of Washington, 66th Legislature, 2020 Regular Session, is an act relating to a regulatory environment for blockchain and distributed ledger technology solutions. Representatives Young, Tarleton, Smith, Slatter, and Hudgins are listed as sponsors, and the bill was referred to the Committee on Innovation, Technology & Economic Development. Subject to the availability of amounts appropriated for this specific purpose, it establishes the Washington blockchain work group, which must elect a chair at its inaugural meeting. The work group must submit a report on recommended policies by November 30, 2021, and the section expires August 1, 2022, when the work group is dissolved.

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Full text

     H-3801.1

                                HOUSE BILL 2604


     State of Washington        66th Legislature         2020 Regular Session

     By Representatives Young, Tarleton, Smith, Slatter, and Hudgins

     Read first time 01/16/20.      Referred   to   Committee   on   Innovation,
     Technology & Economic Development.




1        AN ACT Relating to fostering economic growth in Washington by
2    supporting a certain regulatory environment for blockchain and
3    distributed ledger technology solutions; creating new sections; and
4    providing an expiration date.


 5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 6       NEW SECTION.   Sec. 1.   The legislature finds that Washington is
 7   well positioned to be the home of the next generation of private
 8   sector leadership in blockchain and distributed ledger technology
 9   solutions if it is among the first states to create a stable, clear,
10   and welcoming regulatory environment. The legislature acknowledges
11   that it has adopted a statement of intent under RCW 19.400.010 to
12   encourage   the   development   of   distributed   ledger   technology.
13   Therefore, the legislature intends to create a public-private
14   partnership   through  a   bicameral,   lawmaker-led   work  group   to
15   collaborate with industry on improving the regulatory environment in
16   such a way as to maximize investment and job creation in Washington.
17   The legislature intends for the economic benefits from these
18   collaborative efforts to be broadly and equitably shared by all
19   Washingtonians through increased trustworthiness of transactions with
20   lower transaction costs.


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 1       NEW SECTION. Sec. 2. (1) Subject to the availability of amounts
 2   appropriated for this specific purpose, the Washington blockchain
 3   work group is established. The purpose of the work group is to
 4   promote economic development, and the development of a stronger
 5   information technology sector workforce, through developing policy
 6   recommendations to improve state and local regulatory certainty for
 7   blockchain and distributed ledger technology solutions in both the
 8   private and public sector in Washington.
 9       (2) The work group is composed of the following members:
10       (a) Two senators from each of the two largest caucuses of the
11   senate, appointed by the leader of each respective caucus; and
12       (b) Two representatives from each of the two largest caucuses of
13   the house of representatives, appointed by the leader of each
14   respective caucus.
15       (3) The work group must convene an advisory group to provide
16   information, assistance, and input to the work group in its
17   development of policy recommendations as described in subsection (1)
18   of this section. The chair of the work group must appoint a business
19   or trade association representative to the advisory group from each
20   of the following industry sectors:
21       (a) Application development;
22       (b) Blockchain-as-a-service;
23       (c) Health care;
24       (d) Exchanges and investing;
25       (e) Energy;
26       (f) Identity and privacy;
27       (g) Cryptographic accounting;
28       (h) Supply chain and logistics;
29       (i) Telecommunications; and
30       (j) Manufacturing and maintenance.
31       (4) A majority of the work group members constitutes a quorum. If
32   a member has not been designated for a position set forth in this
33   section, that position may not be counted for the purpose of
34   determining a quorum.
35       (5) The work group must hold its inaugural meeting by August 1,
36   2020. The work group must elect a chair from among its members at the
37   inaugural meeting. The election of the chair must be by a majority
38   vote of the work group members who are present at the inaugural
39   meeting. The chair of the work group is responsible for arranging
40   subsequent meetings and developing meeting agendas.
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 1       (6) Staff support for the work group, including arranging the
 2   inaugural meeting of the work group and assisting the chair of the
 3   work group in arranging subsequent meetings, must be provided by
 4   senate committee services and the house of representatives office of
 5   program research.
 6       (7) The expenses of the work group must be paid jointly by the
 7   senate and the house of representatives. Work group expenditures are
 8   subject to approval by the senate facilities and operations committee
 9   and the house of representatives executive rules committee, or their
10   successor committees.
11       (8) The work group is a class one group under chapter 43.03 RCW.
12   Work group members may be reimbursed for travel expenses in
13   accordance with RCW 44.04.120.
14       (9) Advisory group members are not entitled to be reimbursed for
15   travel expenses if they are elected officials or are participating on
16   behalf of an employer, governmental entity, or other organization.
17   Any reimbursement for advisory group members is subject to chapter
18   43.03 RCW.
19       (10) A public comment period must be provided at every meeting of
20   the work group.
21       (11) By November 30, 2021, and in compliance with RCW 43.01.036,
22   the work group must submit a report on recommended policies that will
23   facilitate the development of blockchain applications in Washington
24   to the governor and the appropriate economic development and
25   technology committees of the legislature.
26       (12) This section expires August 1, 2022. The work group is
27   dissolved upon the expiration of this section.

                                  --- END ---




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