MONTGOMERY, Ala. — The Alabama Blockchain Study Commission convened in Montgomery on Thursday to discuss the burgeoning field of blockchain technology and its implications.
Wade Preston of the Alabama Blockchain Alliance highlighted blockchain’s significance, drawing a parallel to the early days of the internet. “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,” Preston said. “But we didn’t know how it was going to change the world that we live in.” Preston emphasized the transformative potential of cryptocurrency, explaining its decentralized nature. Unlike traditional currency, crypto is not regulated by banks. “If it’s yours, you have it. And you are the only one that has access to it,” Preston stated. “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 his concerns about the shift away from tangible currency and the need for public officials to adapt to the rapid technological advancements. “Now this technology is moving so far beyond. We’ve got to get a handle on it in our heads, and our minds,” Albritton said. “And we’ve got to be able to stretch and move with it.”
Amanda Senn of the Alabama Securities Commission provided insight into cryptocurrency’s valuation and the importance of addressing cybersecurity issues. She characterized cryptocurrency as digital currency with fair market value. “They’re pulling it out and cashing it out in U.S. dollars. So the value is whatever someone is willing to pay for it at the time,” Senn said. She also noted, “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) advocated for ongoing education and proactive measures to protect citizens regardless of shifts in the industry. “Be prepared to set up those guardrails for consumer protections. And be open minded to the industry as it develops,” Singleton said. “But yet, still making sure we’re protecting our citizens in the state.”
The commission plans to stay informed about the policies of future administrations regarding the cryptocurrency industry. The next meeting will include entrepreneurs who utilize blockchain technology, hoping to learn more about the subject from those directly involved.
