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Senate advances Blockchain Technology Act, creates interim task force to study government uses

Utah State Senate · March 5, 2019

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Summary

SB213 codifies a definition of blockchain, clarifies that certain blockchain tokens are not money transmission, and creates a task force to study blockchain applications for government, consumer protection, and investor fraud prevention. Sponsors will add the Division of Securities and insurance commissioner to the task force; bill passed second reading 23‑0.

Senator Hammert presented SB213, the Blockchain Technology Act, describing three main points: (1) a statutory definition of blockchain and blockchain technology, (2) a clarification that certain blockchain tokens are not money transmission, and (3) creation of an…

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