Sen. Zwicker, Asm. Freiman & Asw. Drulis Announce Immediate Project Revival, New Contractor for Route 206 Construction

July 22, 2024

TRENTON – Legislation that would jump-start efforts to establish the Blockchain Promotion and Integration Program, which would analyze the state of the blockchain and decentralized digital technology sectors in New Jersey, was passed out of the Senate Commerce Committee.

Sponsored by Senator Andrew Zwicker, the bill would require the New Jersey Commission on Science, Innovation and Technology to work in consultation with the New Jersey Economic Development Authority to set up the program.

“The way we buy and sell as a society is becoming more digitized and more diversified, and our techno-based economy is moving forward at Jetsonian speed. Despite some recent growing pains and setbacks, blockchain technology, including crypto-currency and non-fungible tokens (NFTs) will be part of our future, and we must be prepared for the challenges it may present,” said Senator Zwicker (D-Middlesex/Mercer/Somerset/Hunterdon).

“This legislation will help us keep a closer eye on blockchain technology and make sure it remains safe and fair for businesses and consumers across New Jersey.”

Among other functions, the new program would:

• increase public awareness of the uses and benefits of blockchain and decentralized digital technology;

• provide assistance to businesses in the integration of blockchain and other decentralized digital technologies;

• establish connections to the business community though direct outreach and through partnering with groups that represent small business in New Jersey;

• and include research and information on commercial opportunities in blockchain and decentralized digital technology for businesses in New Jersey.

The bill would require that, within one year after enactment and every third year thereafter, the Commission would report to the Governor and the Legislature on the state of blockchain and decentralized digital technology in New Jersey and make recommendations on how the State can better achieve integration of those technologies across the economic landscape.

The bill, S-3142, was released from committee by a vote of 4-0.