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House Bill Analysis - HB 1729, Establishing the Washington Blockchain Work Group (Hearing 1/18/22)

Summary

A House Bill Analysis of HB 1729, Establishing the Washington blockchain work group, prepared by the Office of Program Research for the Community & Economic Development Committee, with a hearing date of 1/18/22. The sponsors are Representatives Senn, Paul, Ryu and Leavitt. The analysis says the work group would examine potential applications of and policies for blockchain technology, hold its first meeting by August 1, 2022, and submit a report to the Governor and the Legislature by December 1, 2023. It lists directors of state agencies, including the Department of Commerce and the Department of Financial Institutions, as ex officio members, and states Appropriation: None and Fiscal Note: Requested on January 11, 2022.

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“House Bill Analysis - HB 1729, Establishing the Washington Blockchain Work Group (Hearing 1/18/22).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-01-18-a29506-d237870-bill-analysis-08078474e9/, SHA-256 61fa275bd36b97b99c8c32a0240a8fa0f240224441273b9aafbfe19e74c89b3f.

Full text

Washington State                 BILL
House of Representatives
Office of Program Research  ANALYSIS
Community & Economic Development
Committee
                                        HB 1729
Brief Description: Establishing the Washington blockchain work group.

Sponsors: Representatives Senn, Paul, Ryu and Leavitt.


                                     Brief Summary of Bill
          • Establishes the Washington blockchain work group (work group) for the
            purpose of examining various potential applications of and policies for
            blockchain technology.
          • Requires the work group to submit a report to the Governor and the
            Legislature by December 1, 2023.


Hearing Date: 1/18/22

Staff: Emily Poole (786-7106).

Background:

Legislation was enacted in 2019 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.

Summary of Bill:




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

House Bill Analysis                             -1-                                         HB 1729
The Washington blockchain work group (work group) is established. The purpose of the work
group is to examine various potential applications of and policies for blockchain technology to
help attract and support employees and new businesses.

The work group is composed of one senator from each of the two largest caucuses of the Senate,
one representative from each of the two largest caucuses of The House of Representatives, the
Lieutenant Governor, and 14 other industry experts and members from associations, including:

    • individuals representing trade associations for Washington-based technology, financial
      services companies, title insurance companies, health care companies, agriculture, and
      property and casualty insurance companies;
    • individuals representing associations for county government officials and public utility
      districts;
    • an individual representing a consumer advocacy organization;
    • individuals representing a large company and a small company with experience working
      with blockchain applications;
    • a cybersecurity expert; and
    • individuals from the Cascadia blockchain council and a higher education institution.

Directors of the following state agencies, or their designees, are specified as ex officio members
of the work group: the Department of Commerce, the Department of Financial Institutions,
Washington Technology Solutions, the Department of Agriculture, the Office of the Insurance
Commissioner, and the Department of Ecology.

In addition, individuals representing other sectors may be invited to participate in the work group
in an advisory capacity. Individuals participating in an advisory capacity are not members of the
work group.

The work group shall hold its first meeting by August 1, 2022. A public comment period must
be provided at every work group meeting.

The work group is required to submit a report to the Governor and the Legislature by December
1, 2023, on recommended policies that will facilitate the development of blockchain applications
and the sector overall.

Appropriation: None.

Fiscal Note: Requested on January 11, 2022.

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




House Bill Analysis                            -2-                                         HB 1729

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