Delaware passes blockchain regulation bill

posted 5 months ago
The state of Delaware has passed a bill that recognizes into law the trading of stocks on the blockchain technology.

In April the Corporation Law Section of the Delaware State Bar Association (DSBA) had approved Delaware Law Amendments with the intention of delivering statutory authority for businesses in the state to use the blockchain to maintain corporate records.

According to the recent passage of Senate Bill 69, it states:

"Amendments to Sections 219, 224 and 232 and related provisions are intended to provide specific statutory authority for Delaware corporations to use networks of electronic databases (examples of which are described currently as ‘distributed ledgers’ or a ‘blockchain’) for the creation and maintenance of corporate records, including the corporation’s stock ledger."

Passing the House at the end of June, the blockchain bill only received one vote against it out of a total of 41 votes.

Now with the advancement of the bill it means that middlemen between sellers and buyers of stock could, essentially, be cut out of the process, providing faster settlement times.

The bill is expected to be signed into law by the governor of Delaware, John Carney, by the end of July, effective the 1st August, 2017.
Tags: blockchain, news