New Jersey Establishes ‘Blockchain Task Force’
TRENTON, NJ - FEBRUARY 24: New Jersey Gov. Chris Christie delivers his budget address for fiscal year 2016 to the Legislature, February 24, 2015 at the Statehouse in Trenton, New Jersey. (Photo by Jeff Zelevansky/Getty Images)

New Jersey Establishes ‘Blockchain Task Force’

New Jersey Governor Phil Murphy has just signed into law bill S2297 which establishes the ‘Blockchain Initiative Task Force.’ The group will be responsible for researching and advising the adoption of blockchain on the state and local levels.

New Jersy is jumping head-first into addressing the regulatory hurdles for cryptocurrencies in the state by establishing its own Blockchain Task Force. The group, responsible for researching the benefits of the technology, will serve as a blockchain advocate within the government.

As stated in the bill, it is the government’s belief that blockchain will impact “medical records, land records, banking, and property auctions,” plus much more. The task force will address these concerns with 14 of its appointed members. They have 180 days to get up to speed on the progress already made by the state’s committee on science, tech, and innovation.

Recently, New Jersey has been cracking down on fraudulent ICOs in the state in an effort to clean up the industry. The state’s Bureau of Securities recently issued cease-and-desist letters against two ICOs in what has been called “Operation Cryptosweep.”

Do you believe New Jersey is trying to model its regulatory regime off of New York’s BitLicense? Let us know your thoughts in the comments below.

Image courtesy of Observer.