POLICY RECOMMENDATIONS Fiscal Health

Cryptocurrency and Blockchain

Once an obscure new concept, cryptocurrency and blockchain have quickly risen in popularity over the last few years. While these new technologies have captivated the attention of the tech world and policymakers, the American public still lags in its knowledge of these topics. As legislatures grapple with questions about regulating these assets and technology, it will be as important that the public is knowledgeable about the benefits and risks of blockchain technologies and cryptocurrencies.

6. States considering blockchain and cryptocurrency can first create a public communications campaign to elevate the financial literacy of the public.

7. State policymakers can carefully consider whether existing state laws properly account for unclaimed or abandoned property in the cryptocurrency and blockchain arena.

8. States could consider how blockchain technology can be used in areas outside of currency exchanges such as in the agriculture, energy and insurance sectors.

9. State policymakers can consider changing tax codes to allow residents to offset losses they have incurred from trading cryptocurrencies on their state and local taxes (in states that have an income and earnings taxes).

Fiscal Health Subcommittee Members

ƒ Rep. Steven Rudy, Kentucky, Co-chair

ƒ Lt. Gov. Howie Morales, New Mexico, Co-chair

ƒ Rep. Leslie Herod, Colorado

ƒ Rep. Marcus Evans, Illinois

ƒ Sen. Ed Charbonneau, Indiana

ƒ Sen. Blake Tillery, Georgia

ƒ Sen. Cory McCray, Maryland

ƒ Rep. Jordan Rasmusson, Minnesota

ƒ Former Lt. Gov. Kate Marshall, Nevada

ƒ Rep. Mary Jane Wallner, New Hampshire

ƒ Sen. Scott Meyer, North Dakota

ƒ Rep. Dontavius Jarrells, Ohio

ƒ Rep. Ryan Martinez, Oklahoma

ƒ Sen. Jean Hunhoff, South Dakota