Uniform Regulation for Virtual Currency Businesses: Coming to a State Near You

Via CoinDesk, attorney Katherine Cooper contributes this opinion piece on the current movement in several states to address the regulation of virtual currency. From the article:

"The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July.

The current draft is the product of as many as six meetings of the act's drafting committee, 14 comment letters from various industry participants and input from the US Treasury Department, the Conference of State Bank Supervisors, authorities from relevant state agencies in California, Texas and Washington and the Federal Reserve Bank of New York.

Although typically the ULC requires a draft uniform act to be voted on and approved at two consecutive annual meetings, the drafting committee has noted the need to act quickly because various state legislatures have bills that would move forward with laws that would regulate virtual currency businesses."

Delaware House Passes Historic Blockchain Regulation

CoinDesk covers the State of Delaware's recent legal amendments to govern the trade of stocks on blockchain. From the article: 

"The state of Delaware has passed amendments to state law that make explicit the right to trade stocks on a blockchain, according to multiple sources familiar with the matter.

Crammed in at the last minute before the state House went into recess, the measures were part of a broader series of amendments that legally recognized any number of records being stored on a blockchain.

While details regarding the vote are still emerging, the director of the Global Delaware state initiative, Andrea Tinianow, described the news in an email to CoinDesk:

'Now, you have something to [write] about!!! History being made.'"

Arizona Lawmakers Pass Blockchain Records Bill

"Arizona's legislature has cleared a bill that would recognize blockchain signatures and smart contracts under state law... The measure... would make data tied to a blockchain 'considered to be in an electronic format and to be an electronic record' in Arizona. It also notably featured language specifically related to smart contracts, signifying an effort to capture new kinds of delivering information – in this case, via blockchain – under existing rules."

India Makes Major Move Toward Cash-free System

The Wall Street Journal and other publications are reporting on Indian Prime Minister Narendra Modi's recent decision to declare that nearly 90% of India's paper currency would lose its legal tender status. This is a major move, as much of the society's systems rely on cash transactions. Indian citizens and international travelers alike were affected during the swift, nearly overnight transition. Click here for more on the story.

Veedol Data Complex Update

Photo updates from the field: installation of equipment and services for Veedol Data Complex. The first phase of this expansive data center complex will deploy 20 megawatts of electrical capacity and dual dedicated fiber feeds, and will be configured to develop significant incremental high-security data processing capacity for both modular conventional data and cryptocurrency data systems and clients. 

Pangborn Data Center Update

Pangborn Data Center phase 1 continues to progress well. Our custom system design solution will deploy 7.5 megawatts for high-density cryptocurrency and blockchain technology operations in Douglas County, WA. The three-building, high-security data processing facilities will employ extensive passive cooling and electrical systems, along with dedicated fiber connectivity, tailored to provide the highest level of efficiency, cost-savings, and safety.

Data Center Featured on Koho Radio

“Tech companies are flocking to Chelan and Douglas Counties, and local tech-savvy start-ups as well, to take advantage of cheap electricity rates through the Public Utility Districts. A large, multi-phase data center should get under construction later this year in Douglas County, mainly thanks to grant funding. Dan Langager filed this report on how North Central Washington could soon be on the global map for its tech-friendly infrastructure.”
— Koho Radio

Community Economic Revitalization Board invests $2.3 million to grow local economies

Funds will support economic development in Clark, Cowlitz, Douglas and Whitman counties

OLYMPIA, WA – The Washington State Community Economic Revitalization Board (CERB) today approved $2,353,500 for public infrastructure development and economic feasibilities studies targeting business growth and job creation in the Port of Camas-Washougal, Port of Ridgefield, city of Woodland, Port of Douglas County, and city of Colfax.

  • Clark County - $1,700,000 loan and a $300,000 grant to the Port of Camas-Washougal for 50,000-square foot Industrial Building #18 construction project. This prospective development project is to construct a new 50,000 square foot metal pre-fab building, slab on grade, in Steigerwald Commerce Center. The estimated private investment is $1,000,000, with an estimated 70 permanent jobs to be created, as a result of this project. CERB funds were matched by $3,750,000 in local resources.
  • Clark County - $50,000 grant to the Port of Ridgefield for Dark Fiber Optics – Needs Assessment/Feasibility Study. This is a feasibility study to assess the need, cost and rate of return related to constructing a fiber optic broadband "loop" around the Ridgefield Port District. CERB funds were matched by $50,000 in local resources.
  • Cowlitz County - $22,500 grant to the city of Woodland for Downtown Façade Improvement Plan. This feasibility study will conduct a market analysis, develop a property inventory, review and revise existing city codes, identify needed resources and create a façade improvement program. CERB funds were matched by $7,500 in local resources.
  • Douglas County – $107,500 loan and a $300,000 grant to the Port of Douglas County for the Lot 17 Development and Infrastructure Construction project, for Salcido Enterprises. LLC. This committed private partner project consists of installing power conduits and vaults, landscaping, and storm water facilities; water line and sanity sewer line extensions; roadway improvements. Salcido Enterprises, LLC will invest $10,000,000 in a 32,400 square foot building and create or retain 47 permanent jobs as a result of this project. CERB funds were matched by $85,000 in local resources.
  • Whitman County - $36,000 grant to the city of Colfax for the Lower A Street Industrial Park Wastewater Siphon Engineering Plan. This is a feasibility study to develop engineering plans for six wastewater siphons, location analysis, cost-benefit analysis and site appropriateness for more active warehousing use. CERB funds were matched by $12,000 in local resources.

"CERB’s role is to be responsive to local needs by making timely and smart investment decisions. The board is pleased to collaborate with each of these communities to plan for future private sector jobs for Washington families," said CERB Chair David Rhoden

"CERB’s mission of creating jobs and sustainable rural economies is vital to our work in strengthening communities throughout the state. Working together, we provide targeted support for local governments and tribes to help them envision and achieve a resilient economic future," said Brian Bonlender, Director of the Washington State Department of Commerce.

The release of CERB funds to these projects is contingent upon each applicant completing specific pre-contract requirements, such as finalizing other funding sources and obtaining necessary permits.

Since 1982, CERB has committed nearly $206 million to local jurisdictions across the state, an investment generating more than 34,000 jobs, and private capital investments of a $5.7 billion ($27 to $1) return on CERB investment. CERB recently released the 2016 Biennial Local Infrastructure Financing Tool (LIFT) Legislative Report.

As Washington’s strategic economic development resource, CERB is focused on creating private sector jobs in partnership with local governments by financing infrastructure improvements. These improvements encourage new business development and expansion. In addition to funding construction projects, CERB provides limited funding for studies that evaluate high-priority economic development projects. Learn more about CERB at www.commerce.wa.gov/cerb.

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About Commerce
Commerce is the lead state agency charged with enhancing and promoting sustainable community and economic vitality in Washington. For more information, visit www.commerce.wa.gov. For information on locating or expanding a business in Washington, visit www.choosewashington.com.

Contacts:
Penny Thomas, Commerce Press Office, (206) 256-6106
Janea Eddy CERB Program Manager, (360) 725-3151

Local Contacts:
Port of Camas-Washougal: Kim Noah, Finance Director, 360-335-3684
Port of Ridgefield: Nelson Holmberg, Vice President, Innovation, 360-887-3873
City of Woodland: Amanda Smeller, Community Development Planner, 360-225-1048
Port of Douglas County: Ron Cridlebaugh, Economic Development Manager, 509-884-4700
City of Colfax: Mike Rizzitiello, City Administrator, 509-397-3861

 

Follow developments with our sister company The Salcido Connection