Arizona, Texas and Utah have been recognized as the leading US states in terms of cryptocurrency regulations, as investor attention is turning to the US “Crypto Week,” which may see the passage of three key pieces of legislation.
Arizona, Texas, and Utah are currently leading the nation in blockchain policy and have been recognized as “trailblazers” in the field, according to the “Tokenized in America” research report by Chainlink and the Blockchain Association.
The report evaluated the states based on their government-led blockchain pilots, active pro-crypto task forces, state congressional support, blockchain workforce concentration, strategic Bitcoin (BTC) reserve initiatives and whether they are an active member of the North American Blockchain Association (NABA).
“Texas, Arizona, and Utah earned Trailblazer status for their strength in both policy and ecosystem development,” the report noted, adding that other leading states, including “North Carolina, California, New Hampshire, and Wyoming, demonstrate strong engagement across several scorecard categories.”
“With so much occurring at the federal level, we cannot overlook the substantial activity occurring in the states,” wrote Adam Minehardt, head of policy for Chainlink Labs.
He added: “Tokenized in America is helping shine a light on the important role these states are playing when it comes to digital assets, providing insight into the opportunities and challenges that lie ahead.”
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At least 50% of US states have strong congressional representative support on blockchain policy, while 36% have an active pro-crypto task force.
Over 22% of the states have an active blockchain pilot program, while 16% have enacted or are currently pursuing a strategic Bitcoin reserve.
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US Crypto Week sets investor expectations for new crypto regulations
The regulatory scorecard was released during a significant week for blockchain regulation, dubbed by the US government as “Crypto Week.”
This week “marks a turning point, with several bills expected to pass that will provide much-needed clarity for the industry,” according to Farzam Ehsani, the co-founder of crypto trading platform VALR.
“This was unthinkable just last year. I expect many more countries to follow suit. Times are changing quickly,” he told Cointelegraph.
US lawmakers are seeking to pass three key cryptocurrency bills aiming to bolster industry improvement and offer more clarity for stablecoin issuers: the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, the Digital Asset Market Clarity Act (CLARITY Act) and the Anti-CBDC Surveillance State Act, which seeks to prevent the creation of a central bank digital currency (CBDC).
While industry leaders have stated that the CLARITY Act is far from perfect, its passage through Congress may help the US become a world leader in digital asset policy.
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