New Jersey Governor Signs Bill to Establish Blockchain Task Force

Governor of New Jersey Phil Murphy recently signed bill S2297, which is an act to create a so-dubbed New Jersey Blockchain Initiative Task Force. The purpose of the task force is purportedly to study blockchain solutions for the benefit of the state.

The news that Murphy passed this bill comes by way of an announcement on the official site of the state of New Jersey on Aug. 8. According to the press release, the taskforce will study the risks and rewards related to blockchain and distributed ledger technology; public blockchains, private blockchains and consensus algorithms; current projects and use cases around the world and their potential within the state; and what laws could be changed for secure and paperless recordkeeping.

Task force will compile six-month report

The task force will contain 14 members who are appointed by officials in various positions of government.

The group will have 180 days after it first convenes to report on its findings and will include a cost-benefit analysis of introducing blockchain tech into government agencies, as well as the force’s recommendations on implementing such solutions.

The task force will be headed by the states Chief Technology Officer Chris Rein. Rein remarked that he was “excited to evaluate and help shape how our state government can best use, and optimize, blockchain technology.” 

Senator James Beach, who sponsored the bill, commented on how he feels confident that blockchain has a place in local government as a type of security measure:

“In an age where digital information needs protecting, blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information […] I believe that whatever the taskforce decides, there is a place for blockchain to be used in local governments to protect them from the ever increasing dangers of the Internet.”

Regulatory enforcement for crypto in New Jersey

As previously reported by Cointelegraph, the state of New Jersey has recently taken steps to protect its citizens against two allegedly fraudulent initial coin offerings (ICOs). The Bureau of Securities in New Jersey has claimed that the companies Zoptax and Unocall are engaged in fraud via their unregistered ICOs, and has called on them to end their offerings immediately. The bureau claimed that the two companies had previously issued “materially false and misleading statements and/or omitting to state material facts in connection with the offer and sale of its securities.”