After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force. The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senates, house and fiscal actions before finally being signed by Governor Cox on March 24. Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies. A part of the …

Crypto as a payment option for real estate continues to gain traction as the adoption of digital currencies for commercial transactions continues to take shape. Scott Paul, founder of Utah-based marketing agency Wooly, put up his Saratoga Springs home for sale, with Dogecoin (DOGE) as an acceptable payment method, according to a report by Fox 13 on Sunday. While the listing price is set at $399,000, Paul is reportedly ready to offer a 10% discount if the purchase is made via Dogecoin. Commenting on the potential volatility risk associated with a real estate deal conducted via DOGE, Paul remarked, “I’m …

A new complaint filed in Utah accuses Overstock.com, former CEO Patrick Byrne and former CFO Greg Iverson of securities fraud. The complaint Filed on Friday, Sept. 27, the complaint requests a trial by jury, alleging that Byrne designed Overstock.com’s digital asset-based dividend as a means of punishing short sellers, which other outlets have alleged previously. On the subject, and in language more dramatic than many legal filings, the complaint reads: “While defendant Byrne had previously, at different times, launched into public tirades over short selling and naked short selling, the tZERO Dividend was his secret plot to finally obtain hegemony …

Utah became the latest United States state to consider special treatment for blockchain in a bill set to be heard today, March 4, concerning the definition of the technology. First presented by Republican senator Daniel Hemmert on Feb. 25, the “Blockchain Technology Act,” also known as Bill 0213, aims to exclude blockchain businesses from money transmitter compliance obligations. “This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill …

A bill aimed at getting the state of Utah to accept bitcoin for states services passes its first reading in the Senate. The bill has now passed its first Senate reading having already passed through the House of Representatives with a slim majority of 38 Yes votes against 36 No's. Utah state representative Marc K. Roberts introduced the proposal, Bill H.C.R 6, to the Clerk of the House of Representatives on February 10. The bill states in its general description that its aim is to look into how the state could accept bitcoin, specifically: “This concurrent resolution of the Legislature …

A resolution put before state lawmakers in Utah could see the Beehive state legitimize Bitcoin as a legal payment method. H.C.R. 6, the “Concurrent Resolution on Payment Options for State Services” introduced by Republican Marc K. Roberts: “[P]roposes the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment.” Consideration of such a resolution at state level means Utah joins several US states taking an active stance towards Bitcoin’s role in the local economy. One of these is New York, which is in the …