On January 19th, two bills were introduced to the Massachusetts House of Representatives related to cryptocurrencies.

The first bill proposed the creation of a “special commission on blockchain” to investigate and develop a plan for the appropriate expansion of blockchain technology in the state.

This commission would include 25 members from a diverse range of interests, including the House Speaker, the minority leader, and the president of the Senate.

The second bill was proposed to “protect consumers in cryptocurrency exchanges” by introducing registration fees and regulations for crypto businesses operating in the state or with Massachusetts customers.

This bill would require businesses to pay an annual fee of 5% of gross revenues, retain all advertising materials used to promote crypto for at least seven years, and disclose any material risks associated with their activities.

If passed, these two bills could provide additional consumer protection and foster a positive blockchain technology environment in the state of Massachusetts.