Delaware Passes a Blockchain Regulation Bill

Delaware Passes a Blockchain Regulation Bill

The state of Delaware has reportedly passed a bill that regulates the trading of stocks on the blockchain technology.

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The state of Delaware has reportedly passed a bill that regulates the trading of stocks on the blockchain technology.

According to cryptocoinnews.com, the Corporation Law Section of the Delaware State Bar Association (DSBA) approved Delaware Law Amendments in April. The goal was to deliver statuory authority for businesses in the state to use blockchain to maintain corporate records, as the article explained.

“Amendments to Sections 219, 224 and 232 and related provisions are intended to provide specific statutory authority for Delaware corporations to use netwo17rks of electronic databases (examples of which are described currently as ‘distributed ledgers’ or a ‘blockchain’) for the creation and maintenance of corporate records, including the corporation’s stock ledger.”, as Senae Bill 69 pointed out (available here).

The blockchain bill received only one vote against out of 41 and passed at the end of June, as cryptocoinnew.com reported.

The bill may lead to faster settlement times as middlemen between sellers and buyers of stock can be eliminated from the process.

The bill was first proposed last May when the governor at the time, Jack Markell, announced an initiative to embrace blockchain and smart contract technology.

The bill will supposedly be signed into law by the governor of Delaware, John Carney, by the end of July, effective August 1 2017, as cryptocoinnews.com noted.

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