Pandemic Darlings The pandemic economy, in original documents
Home Source documents Bill Analysis - HB 2604 Washington Blockchain Work Group (Washington, 2020)

Bill Analysis - HB 2604 Washington Blockchain Work Group (Washington, 2020)

Summary

A bill analysis from the Washington State House of Representatives Office of Program Research for the Innovation, Technology & Economic Development Committee, covering HB 2604 on a regulatory environment for blockchain and distributed ledger technology solutions. It lists Representatives Young, Tarleton, Smith, Slatter and Hudgins as sponsors and a hearing date of 1/29/20. The summary states that, subject to appropriations, the Washington blockchain work group is established to develop policy recommendations, with a report due by November 30, 2021, and that the work group dissolves August 1, 2022. It gives the appropriation as none and the fiscal note as not requested.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Bill Analysis - HB 2604 Washington Blockchain Work Group (Washington, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-01-29-a26392-d211558-bill-analysis-b16feced81/, SHA-256 209a235104bbe3782e93bb10673598d7eff04f5bd90490f8465a95e40831adf7.

Full text

Washington State                   BILL
House of Representatives
Office of Program Research     ANALYSIS
Innovation, Technology & Economic
Development Committee
                                         HB 2604
Brief Description: Fostering economic growth in Washington by supporting a certain regulatory
   environment for blockchain and distributed ledger technology solutions.

Sponsors: Representatives Young, Tarleton, Smith, Slatter and Hudgins.


                                      Brief Summary of Bill
      Ÿ Establishes the Washington blockchain work group (work group) for the purpose of
        developing policy recommendations to improve regulatory certainty for blockchain
        and distributed ledger technology solutions.
      Ÿ Requires the work group to submit a report of recommendations to the Legislature by
        November 30, 2021.


Hearing Date: 1/29/20

Staff: Kyle Raymond (786-7190).

Background:

In 2019, legislation was enacted providing that an electronic record may not be denied legal
effect because it is generated or stored using distributed ledger technology.

Distributed ledger technology means any distributed ledger protocol and supporting
infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated
ledger.

Blockchain means a cryptographically secured, chronological, and decentralized consensus
ledger or consensus database maintained via internet, peer-to-peer network, or other similar
interaction.

––––––––––––––––––––––
    This analysis was prepared by non-partisan legislative staff for the use of legislative
    members in their deliberations. This analysis is not a part of the legislation nor does it
    constitute a statement of legislative intent.

House Bill Analysis                             -1-                                          HB 2604
Summary of Bill:

Subject to appropriations, the Washington blockchain work group (work group) is established.
The purpose of the work group is to develop policy recommendations to improve state and local
regulatory certainty for blockchain and distributed ledger technology solutions in both the private
and public sector. The stated objective of the policy recommendations is to promote economic
development and the development of a stronger information technology sector workforce.

The work group is composed of two Senators from each of the two largest caucuses of the
Senate, and two Representatives from each of the two largest caucuses of the House of
Representatives. Work group members are appointed by the leader of each respective caucus in
each respective chamber.

The work group must convene an advisory group to provide information, assistance, and input to
the work group in its development of policy recommendations. The Chair of the work group
must appoint a business or trade association representative to the advisory group from each of
the following industry sectors:
     Ÿ application development;
     Ÿ blockchain-as-a-service;
     Ÿ health care;
     Ÿ exchanges and investing;
     Ÿ energy;
     Ÿ identity and privacy;
     Ÿ cryptographic accounting;
     Ÿ supply chain and logistics;
     Ÿ telecommunications; and
     Ÿ manufacturing and maintenance.

The work group is required to hold its first meeting by August 1, 2020. The Chair of the
committee must form its members at the first meeting.

A public comment period must be provided at every work group meeting. Staff support for the
work group must be provided by Senate Committee Services and the House of Representatives
Office of Program Research.

The work group is required to submit a report on recommended policies that will facilitate the
development of blockchain applications in Washington to the Governor and the appropriate
committees of the Legislature by November 30, 2021.

The work group dissolves August 1, 2022.

Appropriation: None.

Fiscal Note: Not requested.

Effective Date: The bill takes effect 90 days after adjournment of the session in which the bill is
passed.


House Bill Analysis                            -2-                                         HB 2604

File and source

File
2020-01-29_a26392_d211558_bill-analysis.pdf
Size
83,407 bytes
SHA-256
209a235104bbe3782e93bb10673598d7eff04f5bd90490f8465a95e40831adf7
Our copy
2020-01-29_a26392_d211558_bill-analysis.pdf
Original
No public link identified.
Back to top