Prosperity Council was founded to make sure that Utah stays ahead of the growth curve. With our population set to double over the next 30 years our policy aims to improve Utah’s quality of life, maintain our strong business climate, and drive innovation in government while solving some of our toughest challenges.
Blockchain is a new technology that is quickly being implemented in many industries to improve efficiency, accuracy, and security. It offers huge potential for Utah’s governments and for Utah’s economy.
Prosperity Council is the only organization actively advancing this level of legislation in the blockchain space. Our work is crafting the legal framework needed for a strong and prosperous blockchain and cryptocurrency industry. We’re gathering the data and learning the lessons that create a model playbook for other states to follow in bolstering their blockchain industries as well. Below are the bills that Prosperity Council is advancing in the 2020 Utah legislative session to bolster and provide regulatory clarity to the blockchain and cryptocurrency industry.
In 2013, it was discovered that Dole Foods had more shares issued to shareholders than they had shares that existed, due to a massive accounting error. Had these shares been issued on blockchain this could not have happened as there would have been an exact rendering of the number of shares issued. This bill authorizes companies to issue shares on a blockchain, preventing further large-scale mistakes such as this.
Because cryptocurrency tokens are one’s personal property, just as a dollar bill is one’s property, it is important to exempt tokens from property taxes. One would not tax a citizen’s dollar just from owning that dollar. This bill provides that clarification and preempts any efforts to tax cryptocurrency tokens under property taxation statutes.
Placing voting systems on a blockchain is the next evolution in voting. It increases security, voter verification, and decreases the cost of elections to the taxpayer. This bill creates an opt-in system for voters who wish to cast their vote via a blockchain based app. This bill does not mandate blockchain voting but allows interested, eligible voters the ability to securely vote using this method.