This opinion piece is penned by Andrea Tinianow the director of Global Delaware & Joshua Ashley Klayman who chairs the Wall Street Blockchain Alliance’s Legal Working Group.
Published by CoinDesk Tianiow and Klayman consider whether so-called enabling legislation passed by a handful U.S. states is necessary for blockchain technology to flourish – and if so, some potential approaches.
Here’s a short extract to give you a flavor.
It is exciting and, in many ways, laudable that Arizona, Delaware, Nevada and Vermont have taken leadership positions with respect to blockchain technology. By passing blockchain enabling statutes, those states arguably have signaled to the public and the market their confidence in the technology and, many believe, have given their imprimatur to the technology. These statutes appear to suggest, “Go ahead and use blockchain technology. We won’t penalize you for using it. You have our permission.”
But is it necessary? Do we need U.S. state governments to give their permission for the use of blockchain technology? Have there been other times at which we have called out a specific technology and required legislation to authorize its use? Why do we think we need to do it here? Will we have to go through this one more time to authorize the use of artificial intelligence?
And, if legislation is passed in one jurisdiction, what does that say about those jurisdictions that choose not to enact similar laws? Does that omission by a particular state somehow imply that such blockchain activity is invalid, illegal or not permitted there?