NCSL: More and More States Jumping into Crypto Adoption

Blockchain technology and digital assets made a surprising lot of headway in 2022 as measured by the number of states enacting or debating crypto-related legislation, according to a report by the National Conference of State Legislators.

Much of the legislation in the various states focused on simply recognizing cryptocurrency and digital assets, such directing or enacting state action for the state to set up infrastructure for accepting or transacting in digital payments. A few focused on consumer protection laws, or more legalistic issues of recognizing digital investments and assets for tax and regulatory purposes.

As we noted previously, forward-thinking states like Utah took the lead in establishing task forces and working groups to incentivize the development and integration of blockchain technology, both in terms of external business recruitment/development and internal state administrative functions. New York, too, was highly intent on integrating blockchain technology into everything from medical record-keeping to day-to-day clerical functions, with more pieces of blockchain legislation on the floor than any other state. Increasingly it’s clear that states are recognizing the future place blockchain technology and cryptocurrency have in the United States, and are moving to embrace it.