According to the Brookings institution, a majority of U.S. States have already adopted regulations in relation to cryptocurrency and blockchain technology. In issledovaniyeyami are classified according to their relation to digital currencies and the level of interaction with the underlying technology.
State governments are at different stages of the adoption of blockchain technologies and cryptocurrencies. Some of them have not yet adopted the regulation which would fully implement the technology. However, most of them showed interest to use these technologies to stimulate the local economy and improve the quality of public services. The study authors identified two waves of regulation related to cryptocurrency.
The first wave began in 2014, when more than 20 States have adopted such laws. At this first stage the authorities in at least 10 States, for example, in California
and new Mexico, issued a warning about investments in cryptocurrency. The second wave occurred in the last two years, when a large group of States began to study the introduction of the blockchain in the public and private sectors.
One of these States was Colorado, where visionary approach led to the adoption of
the bill, supported by the two parties that promotes the use of the blockchain for the conduct of public document. Wyoming recently adopted
the bill, which exempts crypto-currencies from the tax. Thus the state has become one of the most cryptocurrency-friendly jurisdictions in the country.
Two other States have taken steps to legalize bitcoin as a payment method taxes. AZ promised
become the first US state that will accept taxes in bitcoin. In addition, Arizona has been recognized
legitimate signatures and contracts on the blockchain and legalized
storing data in the blockchain. Georgia can also provide its residents the opportunity to pay taxes in bitcoins in the Senate was introduced a bill that permits payments in the digital currency tax liabilities and fees for licensing. However, while the consideration of the bill was suspended.
Many state legislatures adopted new rules and laws, basically explaining the issues related to the exchange of cryptocurrencies and the application of existing laws on transfer of money. The researchers note that most States one way or another reflected the attitude of the blockchain or cryptocurrencies in their laws.
The report titled «Blockchain and the government of the United States: an initial assessment» are classified to the jurisdiction of the United States in accordance with their attitude towards cryptocurrencies and levels of interaction with the technology of the blockchain. The authors divided the States into several groups: the «Uninformed», «Reactionary», «Susceptible», «Organized», «Actively involved» and «Recognizing the potential of innovation».
The first group consists of States that have not taken any action for the adoption of appropriate rules, such as Arkansas and South Dakota. However, the document notes that some of those «ignorant» States, there is significant interest in cryptocurrencies in the private sector and academia. States that have a negative attitude towards cryptocurrencies are considered «reactionary». These include Indiana, Iowa and Texas.
North Dakota is among the «susceptible» States because its government has already initiated the legislative process, however, the bill to regulate cryptocurrency in the end failed miserably
in the state Senate. «Organized» States, such as Washington
and new Hampshire, have adopted new laws regarding cryptocurrency industry.
Seven States are considered «actively involved». According to researchers at the Brookings institution, they went beyond the cryptocurrency and considered the use of the blockchain. The authors speak about individual applications and systems integration on the basis of the blockchain in a different operation state. A good example can be considered the VT where the data is stored in the blockchain are valid.
A few other States «include the wider role of the blockchain in its economy». These are States like Delaware in which there are headquarters of many companies from Fortune 500 companies and multiple startups as well as Illinois, who wants to use
the technology of the distributed registry for a «change of relations between government and citizens.» Arizona, where the signature of the transaction and contracts on the blockchain are valid, also refers to a category of States, «recognizing the innovative potential» of cryptocurrency.