HB 2540

Abstract

Creates the Blockchain Business Development Act. Provides for the creation and regulation of personal information protection companies. Provides for the creation and regulation of blockchain-based limited liability companies as businesses that utilize blockchain technology for a material portion of their business activities. Provides for a public record blockchain study and report. Provides for a blockchain insurance and banking study and report. Requires the Department of Commerce and Economic Opportunity to incorporate into one or more of its economic development marketing and business support programs, events, and activities topics concerning blockchain technology and financial technology. Defines terms. House Committee Amendment No. 1 Removes provisions concerning the creation and regulation of personal information protection companies. In provisions concerning a public record blockchain study and report, provides that the Secretary of State shall recommend legislation, including uniform laws, necessary to support the possible use of blockchain technology for public records (currently, support the possible use of blockchain technology for the recording of land records and for other public records). Provides for the blockchain banking study (currently, blockchain insurance and banking study). Makes conforming changes. House Floor Amendment No. 2 Modifies the definition of "blockchain" to mean an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information (as introduced, "blockchain" is defined as a cryptographically secured, chronological, and decentralized consensus ledger or consensus database maintained via Internet, peer-to-peer network, or other interaction). Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill, and makes the following changes: (1) removes a Section concerning blockchain-based limited liability companies; (2) removes a Section concerning a public record blockchain study and report; and (3) removes specified defined terms. Makes conforming changes.