Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S29 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 1301 FILED ON: 1/19/2023
3	3	SENATE . . . . . . . . . . . . . . No. 29
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Barry R. Finegold
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act establishing a special commission on blockchain and cryptocurrency.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Barry R. FinegoldSecond Essex and Middlesex 1 of 4
16	16	SENATE DOCKET, NO. 1301 FILED ON: 1/19/2023
17	17	SENATE . . . . . . . . . . . . . . No. 29
18	18	By Mr. Finegold, a petition (accompanied by bill, Senate, No. 29) of Barry R. Finegold for
19	19	legislation to establish a special commission (including members of the General Court) on
20	20	blockchain and cryptocurrency. Advanced Information Technology, the Internet and
21	21	Cybersecurity.
22	22	[SIMILAR MATTER FILED IN PREVIOUS SESSION
23	23	SEE HOUSE, NO. 126 OF 2021-2022.]
24	24	The Commonwealth of Massachusetts
25	25	_______________
26	26	In the One Hundred and Ninety-Third General Court
27	27	(2023-2024)
28	28	_______________
29	29	An Act establishing a special commission on blockchain and cryptocurrency.
30	30	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
31	31	of the same, as follows:
32	32	1 SECTION 1. A special commission is hereby established for the purposes of making an
33	33	2investigation relative to blockchain technology to develop a master plan of recommendations for
34	34	3fostering the appropriate expansion of blockchain technology in the Commonwealth.
35	35	4 SECTION 2. As used in this act, “blockchain” shall have the following meaning: a
36	36	5mathematically secured, chronological and decentralized ledger or database.
37	37	6 SECTION 3. The commission shall consist of 25 members: the speaker of the house of
38	38	7representatives or a designee who shall serve as co-chair; the minority leader of the house of
39	39	8representatives or a designee; the president of the senate or a designee who shall serve as co-
40	40	9chair; the minority leader of the senate or a designee; four members of the house of 2 of 4
41	41	10representatives appointed by the speaker; four members of the senate appointed by the president;
42	42	11the attorney general or a designee; the chair of the cannabis control commission or a designee;
43	43	12the commissioner of the department of revenue or a designee; the secretary of the executive
44	44	13office of technology services and security or a designee; the secretary of public safety and
45	45	14security or a designee; three persons to be appointed by the state secretary, provided that one
46	46	15shall represent an organization focused on consumer protection; and five persons to be appointed
47	47	16by the governor including one appointee from a financial technology company, one appointee of
48	48	17a company with a business model that uses blockchain technology for purposes other than digital
49	49	18assets and two appointees representing institutions of higher education in the commonwealth.
50	50	19 All appointments shall be made not later than 45 days after the effective date of this act.
51	51	20The chairpersons shall meet with the commission not later than 90 days after the effective date of
52	52	21this act.
53	53	22 SECTION 4. The commission shall be charged with examining the following:
54	54	23 (a) The feasibility, validity and admissibility as well as risks, including privacy risks, and
55	55	24benefits of using blockchain technology in state and local government and commonwealth-based
56	56	25businesses; provided that, for the purposes of government use, the commission’s examination
57	57	26shall include but not be limited to consideration of government records and delivery of services;
58	58	27court proceedings; statewide registries including for firearms, marijuana and opiates and election
59	59	28nomination papers, voter records and election results; and provided further that, for the purposes
60	60	29of business use, the commission’s examination shall include but not be limited to consideration
61	61	30of the advisability of allowing corporate records to be maintained using blockchain technology,
62	62	31including any security requirements necessary to ensure their accuracy; 3 of 4
63	63	32 (b) The need for modifications to the definition of blockchain in this act and to general
64	64	33law to effect the appropriate deployment of blockchain technology;
65	65	34 (c) The impact of the proliferation of the cryptocurrency industry on state revenues and
66	66	35the need to restructure the commonwealth’s tax framework, including the advisability of taxing
67	67	36cryptocurrency transactions as part of the sales tax;
68	68	37 (d) The advisability of government agencies and relevant business enterprises, including
69	69	38but not limited to cannabis retail stores, accepting payment in cryptocurrency;
70	70	39 (e) The feasibility of regulating the energy consumption associated with cryptocurrency;
71	71	40 (f) The consumer protection activities necessary to provide safeguards and offer
72	72	41technological literacy to Massachusetts residents, including but not limited to the advisability of
73	73	42licensure requirements;
74	74	43 (g) The best practices for enabling blockchain technology to benefit the commonwealth,
75	75	44Massachusetts-based businesses, and Massachusetts residents, including an examination of
76	76	45historical barriers to entry and participation in emerging technologies and markets for individuals
77	77	46underrepresented in these industries and markets;
78	78	47 (h) The state agencies best equipped to provide oversight of blockchain technology and
79	79	48the cryptocurrency industry, including with respect to consumer protection; and
80	80	49 (i) Any other related topic which the commission may choose to examine in relation to
81	81	50blockchain technology. 4 of 4
82	82	51 The commission shall take input from a broad range of stakeholders with a diverse range
83	83	52of interests affected by state policies governing emerging technologies, privacy, business,
84	84	53finance, the courts, the legal community, and state and local government.
85	85	54 SECTION 5. Not later than one year after all appointments to the commission have been
86	86	55made pursuant to section 3 of this act, the commission shall report to the general court the result
87	87	56of its investigation and its master plan of recommendations to foster a positive blockchain
88	88	57technology environment, together with drafts of legislation necessary to effect its
89	89	58recommendations, by filing the same with the clerk of the house of representatives and the clerk
90	90	59of the senate.