As Utah lawmakers meet for the legislative session subsequent week, they will think about at the very least three payments coping with cryptocurrency.
Some really feel Utah is well-positioned to capitalize on this rapidly-growing trade.
“We like to be on the forefront. We’re pioneers,” mentioned Mick Hagen, CEO and founding father of Utah-based Genesis Block. “We now have that pioneer heritage.”
Hagen’s firm basically gives digital banking utilizing Bitcoin and different cryptos. His enterprise depends on blockchain know-how, which is sort of a database or ledger that proves possession of a digital asset.
“I feel there’s a huge alternative for the trade in Utah,” Hagen mentioned.
Sen. Kirk Cullimore (R-Sandy) agrees. He’s operating a invoice through the upcoming legislative session addressing property rights on blockchain.
“What it’s making an attempt to do is set up the framework in state legislation for the way we acknowledge these property rights and the rights of these transactions,” Cullimore advised KUTV 2News.
Two different payments this session come from Rep. Jordan Teuscher (R-South Jordan). One permits cryptocurrency as a way for presidency funds. The opposite units up a job pressure to see how the state can innovate and incorporate blockchain know-how.
Though this know-how is probably not acquainted to many – Pew Research Center estimated about one in six People has invested in or used cryptocurrency – Cullimore mentioned it’s evolving rapidly, and the state must be ready.
2022 LEGISLATIVE SESSION
“Like something new, there’s a number of questions on it,” Cullimore mentioned. “The early 90s, possibly, folks had these identical sort of questions concerning the web.”
Hagen, the tech entrepreneur, feels Utah has an opportunity to make an affect on this burgeoning area.
“Utah has a possibility to be on the forefront of making very pleasant crypto laws which can appeal to companies,” Hagen mentioned. “It can appeal to builders and entrepreneurs and creators, and finally, it would create doubtlessly tens of 1000’s of jobs right here regionally.”
The three cryptocurrency-related payments are nonetheless being drafted. The legislative session begins Tuesday and runs 45 days.
