A new bill has been introduced in the Alabama Legislature to address the use of cryptocurrency and blockchain technologies. Alabama has been proactive in cracking down on fraudulent companies in the past, but with the changing landscape, many states are still navigating how to handle this evolving market.

State Rep. Mike Shaw (R-Hoover) has introduced House Bill 214 (HB214), which aims to prevent restrictions on the use, storage, and mining of digital assets, as well as additional taxes and zoning restrictions. The bill also seeks to define terms and potentially exempt certain activities, such as mining and staking, from securities or money transmission regulations.

In an interview with 1819 News, Shaw stated that the bill will likely undergo several amendments before being finalized. He believes this bill will spark important discussions about the future of cryptocurrency and blockchain in the state.

With a background in technology and cyber security, Shaw is also a member of Gov. Kay Ivey’s artificial intelligence task force and the only state lawmaker with a CISSP certification. He sees the potential for blockchain technology in various industries, such as land records and contract transfers, and believes it can bring new businesses and opportunities to the state.

While addressing concerns from different agencies is a priority, Shaw does not believe a specific regulatory body is necessary. Instead, he hopes to clarify how blockchain technology fits into existing regulations. He also acknowledges the need to address issues such as security and criminal behavior associated with cryptocurrency.

In the end, Shaw emphasizes the importance of taking the time to properly navigate and regulate this new technology, rather than rushing into decisions. To keep up with the latest updates and news, subscribe to our newsletter.