Delware passes three bills, SB182, SB183, and SB194, to amend the states current laws to include blockchain technology in their current laws.

A few days ago, Delaware’s Governor, John Carney, signed three bills to address legal status of blockchain records. The three bills are SB182, SB183, and SB194. These three bills amend the limited partnership and LLC codes (respectively) and the third bill amends the state’s statutory trust laws.The purpose of the three bills is to legally bind records that are created and/or stored on a blockchain.

If you didn’t already know, in the US, over half of all publicly traded companies and over 60% of all Fortune 500 companies are incorporated in Delaware. In fact, the state has more incorporated businesses (over a million) than it does residents (roughly 962,000). There are many reasons for companies to do so. For instance, Delaware does tax profits on royalty payments, trademarks, and copyrights. They also have a loophole where companies can claim certain revenues in Delaware instead of the state where they actually occurred. Due to this, the state wants to remain in its position by adapting to new technologies like blockchain.

While the bills do not directly mention Bitcoin, Ethereum, or any other cryptocurrency, it is important that regulators are taking the steps to make sure this technology is being regulated properly. This news comes about a month after Delaware passes amendments to their state laws that allow the right to trade stocks on a blockchain.


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