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Humbl Explores DAOs and Legislation in Blocks DAO Spaces Event

There were several topics discussed during the event as senators answered questions about the current state of their governments when it comes to blockchain and cryptocurrency.

State of Blockchain and Cryptocurrency 

Blocks DAO, the world’s first DAO LLC, recently hosted a Twitter Space event along with several government representatives and Humbl Pay to discuss how the state intends to integrate blockchain technology. 

The recent Twitter Space event on May 14 was attended by individuals including Chris Rothfus, Senator Minority Leader of Wyoming State Legislature, Ian C. Calderon, California State Assembly Speaker, Jordan Cunningham, California State Representative, and Humbl DAO partners. Several aspects were discussed during the event as the senators answered questions regarding the current government stance regarding blockchain and cryptocurrency in their respective states. 

BSC News participated in the event and asked questions throughout to foster discussion. 

Cryptocurrency in California

According to Ian C. Calderon, the majority leader of the CA State Assembly and the current Principle at Majority Advisors, the government is keeping a close eye on cryptocurrency and how the integration of these technologies will affect the future of the state. With the governor's executive order, California was making the point that they’re open for business and want to work with prospective projects, as stated by the majority leader of the CA State Assembly.

I think that California will be a manifestation of that but in its unique way because California has its own unique state that takes its unique way.” Calderon shared with BSC News and other dignitaries present at the event. “So I would say that there is a lot not just for Californians to be excited about when it comes to this industry and how it's going to shake how California could shape its future but also for people living around the country because ultimately, we want broader adoption.”  

Calderon also stressed the importance of safeguarding regulations along with the adoption of cryptocurrency. According to him, regulations should be drafted in a way that does not stifle creativity and innovation while providing consumer protection and certainty. The youngest ever majority Leader of the CA State Assembly further added:

“We just saw a huge what happened with Luna, and what's going on there, it's going to bring up a lot of questions. There's probably going to be some reactionary legislation, especially at the federal level, when it comes to. You know how governments are going to respond to these types of events.”
Usa and california flags over blue sky background. 3d illustration Premium Photo
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The California Assembly is considering exempting some digital assets from state securities laws. The exact definition of crypto products has been unclear in the U.S., where different agencies sometimes define the vast ecosystem in contradictory ways. 

This difference has led to multiple court battles over whether the "Howey test" applies to digital assets. However, Calderon's legislation appears to provide a clear framework for determining whether digital assets are investment contracts - at least on a state level.

Benefits the Government Sees in DAOs:

In the current structure, the DAO does not have any rights in the capacity of political finance that would make it different from an LLC, according to Chris Rothfuss, State Senate Minority Leader in Wyoming and Chairman of the Blockchain and Fintech Select Committee. 

Any contributions related to an election must comply with state and federal campaign finance laws, limiting influencer contributions and requiring them to be directed toward a particular cause. 

"A tax status that would indicate that they would be able to engage in some type of the political influence. Therefore, if we had a dial with an appropriate structure, you can see how that could be accomplished,” Senator Rothfuss said, addressing all the guests present during the event. “So then it was able to engage in campaign finance, then you could automate an awful lot about campaign finance.” 

Rothfuss further stressed that if it is done properly, there could be an upside from the standpoint of transparency. Importantly, the Wyoming Legislature passed eight new bills In February 2018 regarding blockchain technology, and Senate Minority Leader Chris Rothfuss served in the task force.

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Recently, the Government of California signed an executive order that aims at creating a transparent regulatory and business environment for Web3 companies that weighs consumer benefits and risks while incorporating California values such as equity, inclusivity, and environmental protection. Furthermore, as the concepts of crypto, Decentralized Finance (Defi), and Decentralized Autonomous Organizations (DAOs) reach the masses, the government is also seeking to regulate this space. 

According to some experts, crypto regulation is essential to increase investor protection and confidence and to bring stability to the market, thus creating a safer ecosystem. Many questions have been raised during the recent Luna fiasco resulting in the loss of millions of dollars in a short period. In addition to closely monitoring this situation, the government is looking forward to establishing a stable framework that works for all. BSC News will keep a close eye on any updates the government brings that will benefit the masses as a whole.

 

What is BLOCKS DAO LLC:

BLOCKS DAO LLC is the world's first DAO-based LLC, formed in Wyoming, USA. It was designed to bring enterprise-level blockchain technology to businesses the world over. The decentralized adoption approach aims to tackle several challenges that organizations face when attempting to leverage technology by utilizing a democratic structure that is easy to deploy. 

Find more about BLOCKS DAO here:

Website | Twitter | Gitbook | Discord | Blog 

 

What is Humbl Pay:

With Humbl's Merchant Services Software, governments can migrate national currencies to digital versions and perform critical functions like cross-border remittance, foreign exchange, bill payment, and lending from smartphones. Founded in 2019, its headquarters are in Brownsville, Texas.

Learn more about Humbl Pay:

Website | Twitter 

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