Blockchain Task Force
In 2019, the FBBA advocated for the first blockchain bill in the State of Florida, the creation of a blockchain task force within Florida’s state government.
The goal of this bill was to gain the government’s interest in blockchain technology, its use cases in government, and the growing industry here in Florida.
FBBA representatives attended each committee meeting the bill was sent through. We supported Senator Gruters (Senate Sponsor) and Representative David Santiago (House Sponsor) in every way possible. The first Blockchain Day at the Capitol was organized to promote Senate Bill 1024. FBBA representatives met with over 40 different legislators.
Due to our efforts and our various partners, the bill did not receive a single “no” vote throughout the entire process.
Finally, On May 23, 2019, Florida Gov. Ron DeSantis signed SB 1024 into law to establish the Florida Blockchain Task Force (Blockchain Task Force) within the Florida Department of Financial Services. To learn more about the bill, go here:
Florida Blockchain Task Force Initiative:
Since the formation of the Florida Blockchain Task Force, a dedicated team of FBBA members attended each meeting.
The Florida Blockchain Task Force met the following times: September 23, 2019, October 28, 2019, December 13, 2019, and February 21, 2020.
The FBBA’s role during each Blockchain Task Force meeting was to make sure that blockchain technology was accurately portrayed to members and to take note of any misinformation given throughout the meeting.
Although a report from the Task Force has yet to be published, the FBBA is looking forward to reading the report and sending it out to its members. To find the meeting minutes and recordings of the Blockchain Task Force meetings, please go here: https://www.myfloridacfo.com/division/cos/blockchain-taskforce
Florida Legislative Session
A well-designed and executed sandbox can facilitate innovation, protect consumers, and safeguard financial systems. Regulatory sandboxes can provide a Fintech business with valuable market insights while maintaining compliance, as well as greater knowledge of the laws surrounding its product or service, and the opportunity to begin building a relationship with a regulator.
The creation of Florida’s Financial Technology Sandbox is just another step in making Florida a safe state for blockchain and cryptocurrency innovators.
This hefty bill did more than create a new regulatory framework, but also abolished the Division of State Technology within the Department of Management Services (DMS), reestablished the Division of Telecommunications, and replaced the State Data Center with the Florida Digital Service.
The newly created Florida Digital Service is charged with proposing innovative solutions that securely modernize state government, achieving value through digital transformation and interoperability, and supporting the cloud-first policy.
The bill requires the Florida Digital Service (FDS) to develop a comprehensive enterprise architecture that addresses how information technology infrastructure may be modernized to achieve cloud-first objectives and to develop a data dictionary and data catalog for the enterprise.
The Florida Digital Service is now led by our close ally and blockchain hero, Jamie Grant.