South Carolina Senate Recognizes Blockchain as Critical Emerging Tech

The State Senate of South Carolina has passed a resolution recognizing the potential of blockchain technology.

A new push for emerging technology in the state

The bill is dubbed “A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South Carolina To Join In Encouraging The Promotion Of Blockchain Technology In Our State” and was passed on March 10.

Specifically, the bill highlights the urgent priority of adopting emerging technologies throughout the state, with an objective “to become the capital for the real-world application of the emerging technology of blockchain.” To encourage the public to get acknowledged with blockchain, local nonprofit organizations and blockchain advocacy entities have ostensibly cooperated with city and state organizations  and universities.

Cointelegraph reached out to state senators involved in the bill but had received no response as of press time. This article will be updated should responses come in.

The U.S. scrutinizes the crypto and blockchain industry

The news came on the heels of the introduction of the “Crypto-Currency Act of 2020,” a bill that “looks to provide not only clarity, but legitimacy to crypto assets in the United States,” by Representative Paul Gosar (R-AZ).

The bill is more explicit about determining “primary” rather than “sole” regulatory responsibility. Communications Director for Gosar, Ben Goldey, explained the emphasis on industry engagement before legislative approval:

“Since this is such a niche issue, we worked with stakeholders and outside groups/experts to get a good sense of the kind of clarity that the industry needed. We chose to gather stakeholder support before working toward cosponsors.”

Earlier in March, the U.S. Department of the Treasury met with major stakeholders in the cryptocurrency space to discuss regulatory challenges. At the time, the Treasury took a clear stance that it is focused on preventing the use of crypto-assets for money laundering, terrorist financing and other illegal purposes.

The regulator also outlined that the U.S. will stay at the forefront of cryptocurrency regulation and “will not tolerate the use of cryptocurrencies in support of illicit activities.”