The report authors have determined two waves of new crypto-related regulations in the last several years.
Majority of the US states then took their position on Bitcoin and Blockchain (Colorado, Wyoming). Steps to legalize bitcoin as a payment mean have been taken by Arizona: it is to become the first US state to start accepting taxes in crypto. Georgia may also afford its residents with the option to pay taxes in bitcoin.
The report, named “Blockchain and US State Governments: An Initial Assessment”, shares US jurisdictions according to their attitude towards cryptocurrencies and the levels of engagement with the blockchain. The authors have classified states into some groups – Unaware, Reactionary, Appreciative, Organized, Actively Engaged, and Recognizing Innovation Potential.
The first group includes the states which have not made any actions to adopt relevant regulations, such as Arkansas and South Dakota. States that have taken a negative stand against cryptocurrencies or have marked them as potentially risky are considered “reactionary”. These include Indiana, Iowa, and Texas. North Dakota is among the “appreciative” states, as its government has already initiated a regulation process but has not adopted any new bills yet.
“Organized” states like Washington and New Hampshire have already accepted new laws to the crypto ecosphere. A group “Active Engagement” consists of 7 states which have gone beyond cryptocurrencies and tried the governmental use of blockchain. A good example is Vermont where blockchain-stored data is accepted by the court system.
Some other states “envision a broader role for blockchain in their economies”. For example, Delaware, Arizona, where signatures, transactions, and contracts on a blockchain are legally valid, also falls in the category of states “recognizing the innovation potential” of crypto engineering.