Delaware Blockchain Stock Bill Advances Ahead of Major Deadline

Delaware has moved a step closer toward enshrining recognition of blockchain-based stocks in state law.

AccessTimeIconJun 13, 2017 at 8:15 a.m. UTC
Updated Aug 18, 2021 at 6:18 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Delaware is one step closer to legally recognizing blockchain-based stocks.

Lawmakers in the state introduced a bill in May to make stock registries and other kinds of business records legal if they are held on a distributed ledger system or blockchain. The effort began last year as part of a bid to reduce the amount of paperwork required to form a business in Delaware, where many corporations are registered in the US.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • show that the Senate cleared the bill on 6th June, with 20 votes in favor and one abstention. The vote came a day after the body's Elections & Government Affairs cleared it for passage.

    With that, the legislation now moves to the Delaware House of Representatives, with the Judiciary Committee now having to consider the measure within 12 days.

    To become law, both chambers of the legislature have to finalize the bill, and Governor Jack Carney will need to sign his approval. If finalized, the bill would go into effect on 1st August – though it could face delays if work isn't signed by 30th June due to the rules by which the Delaware General Assembly operates.

    Delaware state capitol image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.