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06.07.2019

Blockchains Applauds Nevada Lawmakers for Passing Forward-Thinking Blockchain Legislation

SPARKS, NEVADA – Blockchains, LLC commends the bipartisan efforts of Governor Steve Sisolak and Nevada lawmakers. Today the governor signed three bills centered around blockchain technology into law.

Senate Bills 162, 163, and 164, all sponsored by Senator Ben Kieckhefer, continue Nevada’s position as a national leader in legislation supporting the development of blockchain technology.

“Witnessing Governor Sisolak sign these three innovative bills into law signals to the rest of the world that Nevada is a state that is serious about growing and supporting blockchain technology,” said Blockchains CEO and founder Jeffrey Berns.

“For the last three years, Senator Kieckhefer has worked hard to pass light-touch legislation that would attract blockchain operators and investors to Nevada,” said Blockchains Vice President of Government Affairs and Strategic Initiatives Matthew Digesti. “We want to thank the Nevada Tech Caucus for its advocacy as well as other champions of this forward-thinking legislation like the Nevada Tech Association and the numerous representatives from blockchain-based companies who advocated for these bills.”

Senator Kieckhefer gained global industry-attention after his landmark 2017 legislation, Nevada Senate Bill 398, was passed. Since the passage of SB398 two years ago, Nevada has seen tremendous growth in blockchain businesses. The senator is one of 14 members of Nevada’s first Tech Caucus, a bicameral and bipartisan body formed in 2018. Every member of the Tech Caucus voted for SB161-SB164.

Nevada Senate Bill 162

The bill provides a definition for public blockchain in Nevada’s Uniform Electronic Transactions Act and creates a standard of accepting digital documents in government agencies.

Nevada Senate Bill 163

In addition to providing a definition for public blockchain, this bill enables the use of blockchain technology for Nevada business records.

Nevada Senate Bill 164

The bill defines certain virtual currencies as intangible personal property and exempts virtual currencies from personal property taxation.

Governor Sisolak signed the bills into law Friday, June 7, 2019.

Senate Bill 161 is also a bipartisan bill sponsored by Senator Kieckhefer establishing the requirements for a program that will provide certain emerging technology companies in Nevada, such as blockchain companies, with a temporary two-year exemption from specific regulatory requirements while those companies are overseen by state regulators. SB161 has been sent to the governor’s desk for his signature.

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