A state legislator in Vermont introduced a bill that created a new regulatory framework for the use of blockchain technology.
Public records show that Senator Alison Clarkson submitted the bill on January 3, and then the bill was submitted to the Economic Development Committee, Housing and Public Affairs Committee.
In addition to authorizing some reports on cryptocurrency and blockchain, it also specifically pointed out how the government should classify certain companies as "digital currency limited liability companies," and more attention should be paid to those companies that operate their own networks.
If the bill is approved, as long as a new cryptocurrency is created, traded or transferred, these companies will be required to pay a transaction tax of $0.01 in "digital currency".
The bill stated at the beginning: "Digital currency limited liability companies cannot be exempted from tax."
The bill proposes to implement blockchain, cryptocurrency, and financial technology-related strategies to improve regulatory efficiency; support business organizations and governance structures to expand financial technology opportunities; and promote education in the public and private sectors to increase the adoption of financial technology. "
It also outlines how companies should manage agreements that are hidden under certain cryptocurrencies. These companies may use all reasonable algorithmic means to reach an agreement, and in accordance with regulations, the modification of the new program or the replacement of the new program must meet the legal requirements.
This proposal is not surprising to members of the US Congress. In June of this year, the legislature approved a blockchain study designed to assess the possible impact on the state's job market. In 2016, legislators finalized a law that will serve as the basis for blockchain data in court.
Clarkson’s new bill also calls for a “financial technology summit†that will bring state and industry stakeholders together to discuss how Vermont should promote the wide application of the technology. And with the support of the U.S. Department of Commerce and the Community Development Agency, the state will invest US$25,000 to fund this activity.
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