Massachusetts 2025-2026 Regular Session

Massachusetts Senate Bill S38 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. 2301 FILED ON: 1/17/2025
3	3	SENATE . . . . . . . . . . . . . . No. 38
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
12	12	resolve:
13	13	Resolve establishing a special commission on blockchain and cryptocurrency technology.
14	14	_______________
15	15	PETITION OF:
16	16	NAME:DISTRICT/ADDRESS :Barry R. FinegoldSecond Essex and Middlesex 1 of 4
17	17	SENATE DOCKET, NO. 2301 FILED ON: 1/17/2025
18	18	SENATE . . . . . . . . . . . . . . No. 38
19	19	By Mr. Finegold, a petition (accompanied by resolve, Senate, No. 38) of Barry R. Finegold that
20	20	provisions be made for an investigation and study by a special commission (including members
21	21	of the General Court) on blockchain and cryptocurrency technology. Advanced Information
22	22	Technology, the Internet and Cybersecurity.
23	23	The Commonwealth of Massachusetts
24	24	_______________
25	25	In the One Hundred and Ninety-Fourth General Court
26	26	(2025-2026)
27	27	_______________
28	28	Resolve establishing a special commission on blockchain and cryptocurrency technology.
29	29	1 Resolved, that there shall be a special commission for the purposes of making an
30	30	2investigation relative to blockchain technology to develop a master plan of recommendations for
31	31	3fostering the appropriate expansion of blockchain technology in the Commonwealth; provided,
32	32	4however, that for the purposes of the special commission, “blockchain” shall mean a
33	33	5mathematically secured, chronological and decentralized ledger or database.
34	34	6 The special commission shall consist of 25 members: the speaker of the house of
35	35	7representatives or a designee, who shall serve as co-chair; the president of the senate or a
36	36	8designee, who shall serve as co-chair; the minority leader of the house of representatives or a
37	37	9designee; the minority leader of the senate or a designee; 4 members of the house of
38	38	10representatives appointed by the speaker of the house of representatives; 4 members of the senate
39	39	11appointed by the president of the senate; the attorney general or a designee; the chair of the
40	40	12cannabis control commission or a designee; the commissioner of the department of revenue or a
41	41	13designee; the secretary of technology services and security or a designee; the secretary of public 2 of 4
42	42	14safety and security or a designee; 3 persons to be appointed by the state secretary, of whom not
43	43	15less than 1 shall represent an organization focused on consumer protection; and 5 persons to be
44	44	16appointed by the governor, of whom not less than 1 shall be an appointee from a financial
45	45	17technology company, not less than 1 shall be an appointee of a company with a business model
46	46	18that uses blockchain technology for purposes other than digital assets and not less than 2
47	47	19appointees shall represent institutions of higher education in the commonwealth. All
48	48	20appointments shall be made not later than 45 days after enactment. The chairpersons shall meet
49	49	21with the commission not later than 90 days after enactment.
50	50	22 The commission shall be charged with examining the following:
51	51	23 (i) The feasibility, validity and admissibility as well as risks, including privacy risks, and
52	52	24benefits of using blockchain technology in state and local government and Massachusetts-based
53	53	25businesses; provided, however, that, for the purposes of government use, the commission’s
54	54	26examination shall include, but not be limited to: (A) consideration of government records and
55	55	27delivery of services; (B) court proceedings; (C) statewide registries including for firearms,
56	56	28marijuana or opiates; and (D) election nomination papers, voter records and election results; and
57	57	29provided further, that, for the purposes of business use, the commission’s examination shall
58	58	30include but not be limited to consideration of the advisability of allowing corporate records to be
59	59	31maintained using blockchain technology, including any security requirements necessary to
60	60	32ensure their accuracy;
61	61	33 (ii) The need for modifications to the definition of blockchain contained herein and in any
62	62	34applicable general law to effect the appropriate deployment of blockchain technology; 3 of 4
63	63	35 (iii) The impact of the proliferation of the cryptocurrency industry on state revenues and
64	64	36the need, if any, to restructure the commonwealth’s tax framework, including the advisability of
65	65	37taxing cryptocurrency transactions as part of the sales tax;
66	66	38 (iv) The advisability of government agencies and relevant business enterprises including,
67	67	39but not limited to, cannabis retail stores accepting payment in cryptocurrency;
68	68	40 (v) The feasibility of regulating the energy consumption associated with cryptocurrency;
69	69	41 (vi) Any consumer protection activities necessary to provide safeguards or offer
70	70	42technological literacy to Massachusetts residents including, but not limited to, the advisability of
71	71	43licensure requirements;
72	72	44 (vii) Best practices for enabling blockchain technology to benefit the commonwealth,
73	73	45Massachusetts-based businesses, and Massachusetts residents, including an examination of
74	74	46historical barriers to entry and participation in emerging technologies and markets for individuals
75	75	47underrepresented in these industries and markets;
76	76	48 (viii) The state agency or agencies best equipped to provide oversight of blockchain
77	77	49technology and the cryptocurrency industry, including with respect to consumer protection; and
78	78	50 (ix) Any other related topic which the commission may choose to examine in relation to
79	79	51blockchain technology.
80	80	52 The commission shall take input from a broad range of stakeholders with a diverse range
81	81	53of interests affected by state policies governing emerging technologies, privacy, business,
82	82	54finance, the courts, the legal community and state and local government. 4 of 4
83	83	55 Not later than 1 year after all appointments to the special commission have been made,
84	84	56the special commission shall report to the general court the result of its investigation and its
85	85	57master plan of recommendations to foster a positive blockchain technology environment,
86	86	58together with drafts of legislation necessary to effect its recommendations, by filing the same
87	87	59with the clerks of the house of representatives and the senate.