Senate Commerce Committee Statement to Senate, No. 3142 — State of New Jersey (December 4, 2023)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3142, State of New Jersey, dated December 4, 2023, reporting the bill favorably with committee amendments. As amended, the bill directs the New Jersey Commission on Science, Innovation and Technology, in consultation with the New Jersey Economic Development Authority, to establish the Blockchain Promotion and Integration Program and to analyze the blockchain and decentralized digital technology sectors in New Jersey. The commission is to consult with the New Jersey Blockchain Council and partner with groups representing small business. Within one year of enactment and every third year after, it must report to the Governor and the Legislature; the bill is identical to Assembly Bill No. 3288 (1R).

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
3142

with
committee amendments

STATE
OF NEW JERSEY

DATED: DECEMBER
4, 2023

The Senate Commerce Committee reports favorably and
with committee amendments Senate Bill No. 3142.

As
amended, this bill provides that the New Jersey Commission on Science,
Innovation and Technology, in consultation with the New Jersey Economic
Development Authority, is to establish the Blockchain Promotion and Integration
Program.

The
bill provides that the program is to meet certain requirements as specified in
the bill. The bill requires the New Jersey Commission on Science, Innovation
and Technology to analyze the state of the blockchain and decentralized digital
technology sectors in New Jersey.

The
bill provides that, in establishing the Blockchain Promotion and Integration
Program, the New Jersey Commission on Science, Innovation and Technology is to:

(1)
consult with the New Jersey Blockchain Council, and integrate its efforts with
those of the council to have the greatest impact on small businesses in New
Jersey; and

(2)
partner with groups that represent small business in New Jersey to connect
businesses with the resources of the program and to better serve the business
community.

The
bill also provides that, within one year of its enactment, and every third year
thereafter, the commission must report to the Governor and the Legislature on
the state of blockchain and decentralized digital technology in New Jersey and
make recommendations on how the State can better achieve integration of those
technologies with businesses in New Jersey.

As amended and
reported, Senate Bill No. 3142 is identical to Assembly Bill No. 3288 (1R), as
also reported by the committee on this date.

COMMITTEE AMENDMENTS:

The committee amended the bill to make a technical
update.

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