Budget Cuts in Delaware Slows Down the Bill that Will Legalize of Issuance of Blockchain Stocks

In March, Delaware state legislators drafted a bill that would legalize the issuance of Bitcoin stocks. The state will also officially recognize Blockchain records as legitimate records. The move was formally introduced in May and eventually approved by its legislators in June.

However, due to some budget cuts in the state, its legislators are being slowed down from the legalization of Blockchain stocks. As of present, $51 mln had been cut from the state’s budget making policies to be pushed later in the year.

New Blockchain Bill

According to chair of Potter Anderson’s Business Group and chair of the Council of Corporation Law Section of the Delaware State Bar Association Matt O’Toole, this proposed legislation has a lot of potentials to benefit both the corporation and the stockholders.

O’Toole states:

“The relationship between the ultimate owner of the shares and the corporation will be made more immediate.”

 With this, Matt O’Toole seems quite confident that the legislation will definitely pass. He further explains that that the corporate bills such as this one are the ones that will be passed faster.

“A couple of high-profile issues are basically going to be tabled until next year because they’ve got bigger fish to fry. But the corporate bills are important, everybody recognizes that, and I’m assured that they will be voted on and they will pass.”

Though there may seem to be some delays with the legislation of the bills in the Delaware government, it seems as though the legislators understand the importance of the said bill and will want to put this it as a part of the priority bills to pass.

Bitcoin legislations in other states

Other major states have been drafting their own bills and regulations regarding Blockchain and cryptocurrencies. For instance, a few Bitcoin-friendly states include Texas and New Hampshire, and Nevada.

Source: Cointelegraph