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California Seeks to Make Blockchain Corporate Records Bill Permanent
The bill also makes amendments to the definition of "blockchain technology."
The state Senate of California has introduced a bill that would make permanent the use of blockchain technology for corporate records.
STORY CONTINUES BELOW
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- At present, California corporations are allowed to use blockchain technology to record information relating to the issuances and transfers of stock until Jan. 1, 2022.
- This legislation, introduced Feb. 19 and set for hearing April 7, would make these provisions permanent.
- The state senate voted in favor of the bill by 32-4 at its first reading on Feb. 22.
- The bill would also amend the definition of blockchain technology to mean a decentralized system that stores "mathematically verifiable" data and uses distributed ledgers "to store specialized data in the permanent order of transactions recorded."
- The existing definition is simpler, defining blockchain technology as a "mathematically secured, chronological and decentralized consensus ledger or database."
See also: California Governor Signs Law Bringing State ‘New Tools’ to Regulate Crypto
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
