Bill > HB639

This bill, titled "The Blockchain Basic Laws," aims to protect blockchain technology and its users by establishing a clear legal framework and a specialized court system for related disputes. It defines key terms like "blockchain," "digital asset" (any digital representation of value transferable without an intermediary, including cryptocurrencies and NFTs), and "smart contract" (automated software code on a blockchain that executes predefined instructions). The bill prohibits state and local governments from restricting individuals' ability to use digital assets for purchases, self-custody them in wallets, or use them as a payment method without additional taxes. It also clarifies that operating a node, engaging in digital asset mining or staking with one's own assets, or operating a digital asset exchange offering staking services does not require a money transmitter license or automatically classify the activity as a security offering. To handle disputes, the bill creates a "blockchain dispute docket" within the superior court, which will hear cases involving blockchain technology disputes when parties agree to its jurisdiction. This specialized docket will be overseen by a justice with expertise in law and technology, and it will handle claims arising from the new blockchain laws, breaches of contract or fiduciary duties, fraud, or other complex blockchain-related issues.