North Carolina Blockchain Initiative Lauds Unanimous Passage of Bipartisan Regulatory Sandbox Act of 2021
Task force recommends state explore future initiatives to incorporate blockchain applications
RALEIGH, N.C., Oct. 27, 2021 /PRNewswire-PRWeb/ -- Today, the Co-Chairs of the North Carolina Blockchain Initiative released the following statement:
"We applaud the General Assembly for taking decisive action in unanimously passing House Bill 624, the bipartisan North Carolina Regulatory Sandbox Act of 2021. The establishment of a regulatory sandbox and Innovation Council were two principal recommendations in the 2020 Strategic Report developed by the North Carolina Blockchain Initiative task force. Together, we can strengthen North Carolina as a leader in technological innovation and promote opportunities for economic growth."
Throughout 2021 the North Carolina Blockchain Initiative (NCBI) worked closely with the Carolina Fintech Hub, the John Locke Foundation, the Office of the Lieutenant Governor, the Office of Representative Jason Saine, and the Office of Senator Todd Johnson to educate the North Carolina General Assembly on the benefits of adopting a regulatory sandbox program for financial and insurance products and services and creating a multi-agency Innovation Council to support innovation, investment, and job creation within North Carolina. "The North Carolina Blockchain Initiative is honored to have been able to play a role in the passage of the Regulatory Sandbox Act and to ensure that the sandbox program is accessible to all North Carolinians," said Agnes Gambill West, Co-Chair of the NCBI and one of the bill's drafters. The bill passed unanimously in both chambers of the North Carolina General Assembly in the first week of October 2021.
"Passage of the Regulatory Sandbox Act is a strong signal that North Carolina is open for business and that our state is committed to attracting and growing the next generation of startups and tech talent," said Rep. Jason Saine (R-Lincoln), the primary sponsor of the bill in the N.C. House.
"Historically, North Carolina was among the earliest of pioneers in the regulatory development of blockchain-based technologies with the passage of the North Carolina Money Transmitters Act of 2016", said Dan Spuller, who also serves as a Co-Chair, and is Head of Industry Affairs for the Washington-based Blockchain Association. "This bipartisan, unanimous decision to create a multi-agency innovation council and regulatory sandbox will continue this tradition."
Established as a nonpartisan task force in July 2019 under former Lieutenant Governor Dan Forest, the North Carolina Blockchain Initiative (NCBI) was created to study the unique attributes of blockchain, virtual currencies, and digital assets, and to research blockchain's potential economic impact on the workforce and state government. Over the course of 24 months, the NCBI task force developed a series of recommendations that promote opportunities for economic growth and position North Carolina as a leader in technological innovation. Recommendations included creation of a regulatory sandbox and innovation council, and more practical legislative considerations, such as the enactment of legislative findings that acknowledge the adequacy of the technologically neutral drafting of the NC Uniform Electronic Transactions Act ("UETA") to addresses the legal enforceability of smart contracts, and the benefits of investing in broadband access infrastructure and technology talent programs in rural North Carolina. The NCBI also recommended that the state explore future initiatives that incorporate blockchain applications that provide benefits to the state's consumers and industry.
North Carolina Blockchain Initiative Co-Chairs:
- Agnes B. Gambill, Appalachian State University
- Daniel Spuller, Blockchain Association
- Eric Porper, EmblemVault
- Faruk Okcetin, Zeto, Inc.
Media Contact
Daniel Spuller, North Carolina Blockchain Initiative, +1 2029303894, [email protected]
SOURCE North Carolina Blockchain Initiative
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