Legislators from the state of Utah, U.S. officially introduced a bill “UT SB0213” that would prevent blockchain technology companies from being classified as money transmitters.
Last week, Daniel Hemmert, a Republican senator, filed Senate Bill 213 suggesting that an individual that participates or helps in the “creation, exchange or sale” of particular distributed ledger technology (DLT)-related items should be exempted from the Money Transmitter Act of the state.
The bill also aims at creating a legislative group known as “Blockchain Pilot Project Evaluation Task Force” to properly revise and examine the potential of this innovative technology in government services.
The task force made up of 12 members would endorse a pilot project using the DLT technology in Utah probably at a state or municipal level and scrutinize the commercial applications of blockchain technology for future economic development of the region and the U.S. at large.
The task force will prepare a report that includes any recommended legislation, to the Legislative Management Committee and the Business and Labor Interim Committee, ideally before Saturday, November 30, 2019.