Bill > S38

This bill establishes a special 25-member commission to comprehensively investigate blockchain technology and its potential applications in Massachusetts. The commission will include representatives from the legislature, state agencies, higher education, consumer protection groups, and financial technology companies. Its primary mission is to develop a master plan for expanding blockchain technology in the Commonwealth, with a broad mandate to examine various aspects of blockchain and cryptocurrency. The commission will explore potential government and business uses of blockchain, including applications in government records, court proceedings, registries, elections, and corporate record-keeping. Additionally, the commission will investigate the cryptocurrency industry's impact on state revenues, potential tax implications, energy consumption, consumer protection needs, and regulatory oversight. The members are required to consult with diverse stakeholders and produce a detailed report within one year, including draft legislation to support blockchain technology's responsible development. The bill defines blockchain as a mathematically secured, chronological, and decentralized ledger or database, and aims to provide a comprehensive assessment of this emerging technology's potential benefits and challenges.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S38