[IMPACT]
Context:
Pennsylvania is ripe for blockchain innovation effective legislation in this state would serve as a framework for other states and the federal government to make the United States a friendly environment for blockchain technologies such as Cardano.
Now is the best time to make an investment in Pennsylvania because of the upcoming and nationally-watched Governor and U.S. Senate races, where this issue could be brought to the forefront of national political discourse by educating candidates. On the state level, the issue also has multiple advocates, including in the State Treasurer, who could become a champion if given the support to pass effective legislation. Currently, PA has introduced the following blockchain legislation:
- H.B. 1370 – permits a two-year financial technology sandbox program. Regulatory sandboxes prevent government regulations from smothering new technologies and innovations by allowing innovative companies to be temporarily exempt from prohibitive regulations until the state can establish an objectively informed regulatory framework for the innovation. Currently eight other states have this legislation (NC, AZ, NV, UT, WY, FL, WV).
- H.R. 121 – establishes a blockchain working group tasked with creating a master plan for growth of the blockchain industry in Pennsylvania.
o There is also a separate Digital Currency Taskforce proposed to make recommendations about cryptocurrency in the state.
- There is also a proposal to update PA’s Title 15 to allow entities to use blockchain technology for recordkeeping.
However, these stakeholders need help from groups like the PA Blockchain Coalition to educate their fellow members and to guide them toward supporting effective legislation that will provide opportunities for the Cardano community to grow alongside blockchain technology in the state. These measures would also be some of the first in the Northeast, which could unlock a region of the nation to reform that could lead to federal action, setting up a national framework for innovation.
Goals:
- Engage a lobbying team to:
o Educate all 253 members of the General Assembly about blockchain, the Cardano Ecosystem and their benefits to Pennsylvania. We would specifically focus on blockchain 101 to inform legislators about the importance of blockchain technologies such as Cardano, and would educate them on the different legislative actions they should consider taking to make Pennsylvania a welcoming environment including sandbox legislation.
o Guide issue champions through the legislative process, providing feedback on proposed legislation to pass effective laws.
o Connect with key leaders in the Governor’s office, State Treasurer’s Office, and candidates for PA’s 2022 Governor race to provide issue education and an opportunity to bring this issue onto the campaign trail.
o Meet with PA’s 2022 Senate race candidates and current members of the PA Congressional Delegation to keep them apprised of current state-level action and advise how this could influence federal-level initiatives.
- Build out our current coalition to provide grassroots support for legislative reform and provide public with a way to talk to legislators about the issue.
Educating legislators about blockchain technology is the surest way to enable them to come to responsible conclusions when deciding what industry regulations to pass. By guiding them through the legislative process, we can work with champions to develop favorable legislation that can bring blockchain allies like Cardano to the state, and open additional possibilities across the U.S.
The main challenge will be to educate every member (currently 253 total legislators in the State House and Senate), and to overcome the stigma surrounding cryptocurrency and the blockchain technology that supports it. Some members may be set in their ways, but with the help of coalition members, as constituents of these legislators, we will be able to reach key lawmakers to make them understand that their fellow Pennsylvanians are ready to make a change.
We will also utilize issue champions to help reach members who may be reluctant to meet on this issue, leveraging our network to bring people to the table and effect change.
[FEASIBILITY]
Timeline and Key Performance Indicators:
- 1 month: utilize website budget to finalize website and create content for members
- 3 months: meet with 15% of the General Assembly and the State Treasurer’s Office. Meet with champions to introduce them to coalition and discuss legislation.
- 6 months: meet with all candidates for PA Governor, U.S. Senate. Hold membership events with industry leaders.
- 9 months: meet with 30% of the General Assembly and the Governor’s office. Coalition grows to 100 members.
- 12 months: meet with 50% of the General Assembly.
- 18 months: meet with 100% of General Assembly. Have legislation enacted.
Budget:
- $5,000 website content/developer engagement/panels, etc.
- $5,000 marketing/ads
- $5,000 events budget
- $20,000 lobbying engagement
Dominic Folino is a policy expert with decades of experience in the Pennsylvania political arena. He will champion our work as the President of the PA Blockchain Coalition and be the face of the Coalition when going to educate legislators.
Caroline Ehrenfeld will provide support and needed coalition/lobbying work on behalf of the Coalition.
John Burns will help provide web development.
Interns such as Aaron Acquah will provide research support and social media content.
[AUDITABILITY]
Please refer to the timeline and defining success sections of our proposal. We will ultimately seek to pass legislation and educate legislators while growing our coalition. All of these items have quantitative progress markers, including where bills stand in the legislative process, how many members have joined, and how many legislators have been educated or have signed on to our proposed legislation. We have markers for when these milestones should be achieved in our timeline.
Defining Success:
- Sandbox legislation passed in Pennsylvania
- Taskforce legislation passed in Pennsylvania
- Coalition grows to 100 members in first 9 months
- All 253 General Assembly members met within the first 2 years
This is a new project that has the potential to provide incredible impact to the industry and benefit the Cardano Ecosystem in the process.
