Blockchain bills at Arizona State Legislature shows steady increase according to public records.
In relation to this, two new bills were introduce by State Representative Jeff Weninger, where one would be the foundation of regulations for ICOs of the state. The aforementioned first bill highlights “virtual coin” and it’s given definition. Terms such as “blockchain” and “virtual coin offering” are also included in the Arizona Government list of definitions.
The bill explains that a “virtual coin offering as any token sale where the token is treated as a security.” However, tokens which are not marketed as investments and with the purchaser can utilize a redeem within 90 days would sit outside the definition.
As for the second bill, it compensates the Arizona revised Statutes account for data written and stored on a blockchain. The bill bears resemblance to the past Weninger bill signed last year, regarding the legality of recognizable blockchain signatures and smart contracts.
The State Government of Arizona has notably been making necessary actions to broaden the scope of adapting tech in the state.