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Legislation Document
SPONSOR:
Sen. Brown & Rep. Michael Smith
Sens. Mantzavinos, Sokola, Walsh; Reps. Chukwuocha, K. Johnson, Lambert, Yearick
DELAWARE STATE SENATE
153rd GENERAL ASSEMBLY
SENATE CONCURRENT RESOLUTION NO. 143
ESTABLISHING THE BLOCKCHAIN AND DIGITAL INNOVATION TASK FORCE.
WHEREAS, the State of Delaware was the first jurisdiction in the world to legally recognize blockchain technology for corporate use; and
WHEREAS, Delaware has always been a leader in innovation; and
WHEREAS, since 2017, Delaware has adopted various measures that allow corporate entities to implement and use blockchain technology; and
WHEREAS, it is the hope that establishing a Task Force to examine opportunities to maintain and enhance Delaware’s position as a leader in blockchain and digital innovation, will identify how to attract and retain businesses engaged in digital assets and related technologies, while developing appropriate consumer protections and regulatory clarity.
NOW, THEREFORE:
BE IT RESOLVED by the Senate of the 153rd General Assembly of the State of Delaware, the House of Representatives concurring therein, that the Blockchain and Digital Innovation Task Force ("Task Force") is hereby established.
BE IT FURTHER RESOLVED that, to the extent practicable, members appointed to the Task Force shall have relevant experience and knowledge concerning blockchain technology, digital assets, cryptocurrency, or related financial technology industries, including persons actively engaged in these industries. The Task Force shall be composed of the following voting members:
(1) Develop a scope of work based on reviewing and analyzing federal legislation and regulatory actions affecting digital assets, stablecoins, and distributed ledger technology, including: the GENIUS Act and implementing regulations; actions and rulemakings by the OCC, SEC, CFTC, FinCEN, and CFPB; and federal preemption issues affecting State regulatory authority.
(2) Two members of the Senate: 1 member of the majority party who is appointed by the President Pro Tempore of the Senate and who shall serve as Co-Chair, and 1 member of the minority party who is appointed by the President Pro Tempore of the Senate.
(3) Two members of the House of Representatives: 1 member of the majority party who is appointed by the Speaker of the House of Representatives and who shall serve as Co-Chair, and 1 member of the minority party who is appointed by the Speaker of the House of Representatives.
(4) The State Bank Commissioner, or the Commissioner's designee.
(5) The Secretary of Finance, or the Secretary's designee.
(6) The Attorney General, or the Attorney General's designee.
(7) The State Treasurer, or the State Treasurer's designee.
(8) The Secretary of Labor, or the Secretary's designee.
(9) Three members from the blockchain, cryptocurrency, digital assets, or financial technology industry, appointed by the President Pro Tempore of the Senate.
(10) Three members from the blockchain, cryptocurrency, digital assets, or financial technology industry, appointed by the Speaker of the House of Representatives.
BE IT FURTHER RESOLVED that the Secretary of the Senate shall notify members of the Task Force serving by virtue of their position of selection to serve on the Task Force and notify individuals authorized to appoint members to the Task Force of their appointing authority.
BE IT FURTHER RESOLVED that a member of the Task Force serving by virtue of position who is granted the ability to designate another individual to attend a Task Force meeting must provide the designation, in writing, to the Co-Chairs. An individual attending a meeting for a member serving by virtue of position has the same duties and rights, including voting power, as the member serving by virtue of position.
BE IT FURTHER RESOLVED that all appointments to the Task Force shall be made within 90 days after the effective date of this Act.
BE IT FURTHER RESOLVED that any vacancy in the membership of the Task Force shall be filled in the same manner as the original appointment.
BE IT FURTHER RESOLVED that the Task Force must hold its first meeting no later than 45 days after all appointments are completed.
BE IT FURTHER RESOLVED that the Task Force examine and consider the following subjects, and may address such other matters as the Task Force deems relevant to its mission:
(1) Review the current and potential impact of blockchain technology and digital assets on the State’s economy and business environment.
(2) Consider opportunities to attract and retain blockchain and digital asset businesses in this State.
(3) Examine potential enhancements to the State’s existing blockchain framework for corporate governance and entity management established under legislation enacted from 2017-2019.
(4) Study applications of blockchain technology beyond corporate records, including potential uses in government operations and services.
(5) Review and analyze regulatory approaches adopted in other states and jurisdictions and their competitive implications for
the State.
(6) Examine appropriate regulatory frameworks that balance innovation with consumer and market participant protections.
(7) Examine the appropriate risks, including privacy risks, and the benefits of using blockchain technology and cryptocurrency in State and local government and in private businesses in this State.
(8) Assess the impact of the cryptocurrency industry on the State.
(9) Solicit input from industry participants, consumer advocates, academic experts, and other stakeholders.
BE IT FURTHER RESOLVED that the Task Force shall deliver a final report to the General Assembly and the Governor that provides the Task Force’s findings and recommendations, if any, for maintaining the State's competitive position in business law and digital innovation, and for each recommendation include the following:
(a) Whether it should be implemented by:
(1) State government.
(2) Local government.
(3) The private sector.
(b) Whether implementation would require any of the following:
(1) Legislation.
(2) Regulatory changes.
(3) Funding or other resources.
BE IT FURTHER RESOLVED that the Co-Chairs of the Task Force are responsible for coordinating the administration of the Task Force by, at a minimum, performing the following tasks:
(1) Setting a date, time, and place for the initial organizational meeting.
(2) Supervising the preparation and distribution of the Task Force meeting notices, agendas, minutes, correspondence, and reports.
(3) Sending to the Speaker of the House of Representatives, President Pro Tempore of the Senate, and the Director of the Division of Research, after the first meeting of the Task Force, a list of the members of the Task Force and who appointed them.
(4) Ensuring that the final report of the Task Force is submitted to the President Pro Tempore of the Senate and the Speaker of the House of Representatives, with copies to all members of the General Assembly, the Governor, the Director and the Librarian of the Division of Research, and the Delaware Public Archives no later than July 1, 2027.
BE IT FURTHER RESOLVED that a quorum of the Task Force is a majority of its members.
BE IT FURTHER RESOLVED that:
(1) Official action by the Task Force, including making findings and recommendations, requires the approval of a majority of members present at a meeting at which a quorum is present.
(2) The Task Force may adopt rules necessary for its operation. If the Task Force does not adopt rules or if the adopted rules do not govern a given situation, Mason's Manual of Procedure controls.
(3) Members of the Task Force shall serve without compensation but may be reimbursed for actual and necessary expenses incurred in the performance of their duties pursuant to this Act in accordance with State travel regulations.
(4) The Task Force may consult with any organization, government entity, academic institution, or person in the development of its recommendations.
(5) The Task Force may request cooperation and information from any State agency as necessary to fulfill its duties under this Act.
(6) The General Assembly is responsible for providing reasonable and necessary support staff and materials for the Task Force within existing resources. No additional appropriation is required to carry out the provisions of this Act.
SYNOPSIS
This Resolution establishes the Blockchain and Digital Innovation Task Force, established for the purpose of examining opportunities to maintain and enhance Delaware’s position as a leader in blockchain and digital innovation, and identifying how to attract and retain businesses engaged in digital assets and related technologies, while developing appropriate consumer protections and regulatory clarity.
The Task Force is to prepare and deliver a final report to the General Assembly and the Governor concerning its findings and recommendations, if any, for maintaining Delaware’s competitive position in business law and digital innovation, no later than July 1, 2027.
Author: Senator Brown