MONTGOMERY, Ala. – The Alabama Blockchain Study Commission convened Thursday in Montgomery to examine the rapidly evolving landscape of blockchain technology and its relationship to cryptocurrencies like Bitcoin. Experts and state leaders emphasized the need for Alabama to stay ahead of the curve in this emerging field.
“If you think about it, the internet right as Google was coming about in the mid to late 90’s… we knew something was happening,” said Wade Preston of the Alabama Blockchain Alliance, drawing a parallel to the early days of the internet. “But we didn’t know how it was going to change the world that we live in.” Preston highlighted cryptocurrency’s potential, noting that, unlike traditional currency, it operates without the regulation of banks. “If it’s yours, you have it. And you are the only one that has access to it,” he said. “And you don’t need permission from another person to be able to transact. And I think the freedom to transact is a key freedom.”
Senator Greg Albritton (R-Atmore) expressed concerns about the potential impact of cryptocurrencies on payment systems. He noted, “Now this technology is moving so far beyond. We’ve got to get a handle on it in our heads, and our minds, and we’ve got to be able to stretch and move with it.”
Amanda Senn of the Alabama Securities Commission explained that cryptocurrency is a digital currency with fair market value, and that the value fluctuates based on market demand.
Senn also pointed out a significant concern: cybersecurity. “There’s a framework in place and there are measures and protections behind the U.S. dollar that don’t exist right now with cryptocurrency.”
Senator Bobby Singleton (D-Greensboro) emphasized the importance of continuous learning, regardless of future administrations’ policies regarding the crypto industry. “Be prepared to set up those guardrails for consumer protections. And be open minded to the industry as it develops, but yet, still making sure we’re protecting our citizens in the state,” Singleton stated.
The commission conveyed its intention to monitor the policy developments of the current administration concerning the crypto industry. The commission plans to gather further insights at its next meeting by engaging with entrepreneurs actively utilizing blockchain technology.
