Alabama has joined the race to become the United States blockchain hub, with lawmakers and industry advocates partnering to push enabling regulations for the sector.
The charge is being led by the Alabama Blockchain Study Commission (ABSC), an advocacy group created by the State Senate last year. Chaired by pro-blockchain Senator Greg Albritton (R-Atmore), the commission recently met to discuss how it can foster blockchain adoption in the Yellowhammer state. According to one local outlet, the resolution was to position the state as the frontrunner in blockchain technology in the U.S.
“There are very few states right now that can put themselves out there as really crypto-business friendly, or at least open to working with crypto businesses and wanting to interact with them. Crypto entrepreneurs have been seen as kind of pariahs for so long that getting on the front end of that would be a good leg up for the state, in my opinion,” commented Wade Preston, a founding member of the ABSC and the head of the Alabama Blockchain Alliance.
American states have been pushing to become blockchain hubs over the past few years, with Wyoming, Utah, and California being the pioneers of this movement. However, the rise of Donald Trump last year and his victory over Kamala Harris has reignited the momentum, with over a dozen states now rushing to implement enabling laws for ‘crypto’ and blockchain.
Sen. Albritton says that positive regulations could position Alabama to attract virtual asset service providers (VASPs) who have previously set up in traditional tech hotspots like California and New York.
“I think we need to be on the cutting edge of this; it’s coming, it’s here. We don’t want to be (on the) tail end,” he told a local outlet.
Other legislators concurred. Sen. Bobby Singleton (D-Greensboro) called on fellow legislators to front-run the federal government and implement enabling laws that balance promoting innovation and protecting investors.
“I think we should continue to listen to experts, learn as much as we possibly can, be prepared to set up those guardrails for consumer protection and be open-minded to the industry as it develops, and yet still make sure that we protect our citizens.”
One legislator has already pledged to introduce a blockchain bill this year. Rep. Mike Shaw (R-Hoover) revealed that he was working on the bill last year, which would offer legal certainty for VASPs in the state.
Speaking to the local outlet, Shaw said he’s still committed to the bill, which he says will be a first step in making Alabama a “blockchain-friendly state.”
“We want to protect our people obviously, but this new technology has so many applications that could be really good for the economy of our state.”
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