SENATE DOCKET, NO. 611        FILED ON: 1/15/2019

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 200

The Commonwealth of Massachusetts

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PRESENTED BY:

Cynthia Stone Creem

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to blockchain and cryptocurrencies.

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PETITION OF:

SENATE DOCKET, NO. 611        FILED ON: 1/15/2019

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 200

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-First General Court
(2019-2020)

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An Act relative to blockchain and cryptocurrencies.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Notwithstanding any general or special law to the contrary, a special commission is hereby established for the purposes of making an investigation and study relative to the emerging technologies of blockchain and cryptocurrencies. Specifically, the special commission shall examine the following:

(a)The feasibility of using blockchain technology for government records or delivery of services;

(b)The validity and admissibility of blockchain records in court proceedings;

(c)The advisability of allowing corporate records to be kept using blockchain technology, including any security requirements necessary to ensure the accuracy of such records;

(d)The advisability of using blockchain technology to protect voter records and election results;

(e)The feasibility of creating statewide registries using blockchain for such topics as firearms, marijuana or opiates;

(f)The advisability of government agencies accepting payment in cryptocurrencies;

(g)The advisability of taxing cryptocurrency transactions as part of the sales tax; 

(h)The advisability of allowing cryptocurrencies as a form of payment for cannabis retail stores;

(i)The feasibility of regulating the intense energy consumption associated with cryptocurrencies; and

(j)Any other related topic which the commission may choose to examine in relation to blockchain or cryptocurrencies.

SECTION 2. The commission shall consist of 15 members: 1 member whom shall be the president of the senate or a designee who shall serve as co-chair, 1 of whom shall be the minority leader of the senate or a designee; 1 of whom shall be the speaker of the house or a designee who shall serve as co-chair, 1 of whom shall be the minority leader of the house of representatives or a designee; 2 of whom shall be the senate and houses chairs of the joint committee on economic development and emerging technologies; 2 of whom shall be the senate and house chairs of the joint committee on revenue; the chairman of the cannabis control commission or a designee; the commissioner of the department of revenue or a designee; the secretary of the executive office of technology services and security or a designee; the secretary of public safety and security or a designee; and 3 persons to be appointed by the governor.

All appointments shall be made not later than 30 days after the effective date of this resolve. The chairpersons shall meet with the commission not later than 60 days after the effective date of this resolve.

SECTION 3. Not later than one year after the effective date of this resolve, the commission shall report to the general court the result of its investigation and study and its recommendations, if any, together with drafts of legislation necessary to carry its recommendations into effect by filing the same with the clerk of the house of representatives and the clerk of the senate.