The Florida Blockchain Business Association has set the pace for 2023 with robust achievements in legislation and financial innovation through its grassroots committee approach.
The Florida Blockchain Business Association(FBBA) has set the pace for 2023 with robust achievements in legislation and financial innovation. Our number one goal is to remain adaptable to the political and technical environment around us, while ensuring our objectives are still achieved.
The FBBA’s committees have been hard at work, tackling some of the most pressing issues in the blockchain industry thus far. Here’s an overview of some of the efforts of four of our committees shaping the future of blockchain in Florida.
Legislative Committee: Championing Bills and Legislation
The Legislative Committee has been the driving force behind the association’s legislative efforts, engaging in extensive research and idea development to improve Florida’s regulatory framework, starting with a focus on new laws and innovations.
The committee has actively sought new laws that make Florida an attractive place for blockchain and related technologies, positioning the state at the forefront of legal innovation.
The legislative committee has labeled these collective initiatives the Florida Financial Independence package, with the goal of ensuring that regardless of what happens with the global financial order, Florida is well positioned to stay afloat. These initiatives are:
- Digital Acceptance of Gold and Silver in Florida:Florida’s legislative thrust toward financial innovation has recently embraced an old-world concept: the backing of digital assets with gold and silver. The move has been lauded as a groundbreaking step in enhancing financial stability, diversifying asset portfolios, and establishing a solid backup plan for the state. Here’s an in-depth look at this development.
- The Florida blockchain business association’s Legislative Committee has championed a bill that allows the digital acceptance of gold and silver. Specifically, it recognizes gold and silver as assets tied to digital tokens.
- Recognition vs Commoditization: Unlike certain states where gold and silver are treated merely as commodities, the proposed legislation would provide for the issuance of gold and silver specie and a digital currency backed by gold and silver.
- Independence from the Federal Reserve: An important feature of the bill is that the gold or silver does not need to be minted by the Federal Reserve, giving Florida greater financial autonomy.
- A Backup Plan: In an uncertain economic environment, this approach ensures that Florida has a fallback option if traditional financial structures fail.
- A Boost to Digital Assets: The acceptance of digital gold and silver might pave the way for broader acceptance of other digital assets, such as Bitcoin, in the State of Florida.
- The Florida blockchain business association’s Legislative Committee has championed a bill that allows the digital acceptance of gold and silver. Specifically, it recognizes gold and silver as assets tied to digital tokens.
- Creation of a Court of Chancery:In a bold move, the committee is pushing for the establishment of specialized courts that understand the industry, a challenging but important objective.In places like Delaware (U.S.), the Court of Chancery continues to operate, focusing on corporate law, and is highly regarded for its expertise in this area, contributing to Delaware’s reputation as a favorable jurisdiction for incorporation. Florida deserves a court that understands digital assets, AI, space and other highly technical fields.
- Banking Regulations:The committee has made headway on banking issues, striving to ensure an independent and free banking system in Florida. The goal will be to empower State chartered banks, while ensuring certain industries like the digital asset industry, can not be discriminated against.
Committee On Financial Regulation: Building Bridges
This newly formed committee has already made significant progress, focusing on relationship-building and policy advising:
- Building Relationships: Engaging with traditional finance institutions, the committee is fostering better relationships with the Florida banking community and will begin participating in their events as soon as September 2023.
- Advising on Policy: The committee plays a vital role in advising the Office of Financial Regulation on policies, from venture capital, to capital raising, and contributing to the growth of Florida’s startup ecosystem.
Real Estate Committee: Navigating a Changing Landscape
The Real Estate Committee continues to adapt and innovate in a complicated and fluctuating environment. The focus this committee has chosen has been to follow the mastermind model:
- Masterminds and Meetings: A series of more intimate and in-depth meetings are being organized, aiming for a more nuanced understanding of the way forward in the blockchain and real estate sector.These closed room masterminds will focus on generating the maximum amount of value for those involved, by doing the following:
- Collaborate with Regulatory Bodies: Engaging with Florida regulators early on can to ensure that any experimentation or implementation aligns with existing and forthcoming regulations. This specifically pertains to blockchain pilots with the State of Florida.
- Inviting the Right People: Ensuring those in the committee with expertise in blockchain, smart contracts, and decentralized technologies will support the successful implementation of these innovations, as well as continually educate others on the latest in their fields.
- Focusing on Compliance: Emphasizing legal and compliance requirements will be critical to maintain trust and mitigate risks for those wanting to explore blockchain and real estate.
- Engage with the Community: Participating in industry groups, forums, and consortiums outside of the committee to facilitate knowledge sharing, collaboration, and unified efforts to address common challenges.
Bitcoin ATM or Cryptocurrency Kiosk Committee: Ensuring Integrity
Ensuring integrity and security in the kiosk industry is the mandate of this committee:
- Fighting Fraud: The committee has been engaged in creating sound regulations around kiosks and ATMs, a response to the growing fraud problem in Florida. The committee has met with the Office of Financial Regulation, and is planning to help develop rules and regulations around the kiosk industry here in Florida.
- Protecting the Industry: Fostering relationships with law enforcement, the committee ensures that proper practices are followed, protecting against legal issues and bad reputations. In some states around the U.S, law enforcement has used biased and unfair practices when it comes to investigating ATM fraud. Fortunately, Florida is not one of these States. Florida’s law enforcement agencies has continued to be valuable partners to ATM’s here in the State, and have developed very friendly relationships with the industry. We plan to keep it that way.
Conclusion
With the coordinated efforts of these key committees, the Florida Blockchain Business Association is leading the way in promoting digital assets and blockchain technology and setting a model for innovation and regulation.
As 2023 progresses, the association’s determined pursuit of a digitally advanced and financially robust Florida 2.0 continues to set the standard for others to follow.
Byte Federal is a founding member of the FBBA. This article was originally posted on substack.
