Utah’s legislature passed a bill to clarify and define the terms relating to blockchain, and prevent blockchain companies being classified as money transmitters.
The bill sponsored by Republican Senator Daniel Hemmert suggests that an individual who participates or helps in the creation or sale of a distributed ledger technology should be exempted from the Money Transmitter Act of the State.
The bill also aims at creating a legislative group known as “Blockchain Pilot Project Evaluation Task Force” to properly revise and examine the potential of this innovative technology in government services.
The task force made up of 12 members would endorse a pilot project using the DLT technology in Utah probably at a state or municipal level and scrutinize the commercial applications of blockchain technology for future economic development of the region and the U.S. at large. It will prepare a report that includes any recommended legislation, to the Legislative Management Committee and the Business and Labor Interim Committee, ideally before Saturday, November 30, 2019.