Vermont Governor Phil Scott has signed a bill last week that mandates a study and subsequent submission of a eport on how blockchain and financial technology will impact employment, tax revenues, and other benefits in the state, CoinDesk reported.

First introduced in March this year, the Vermont Senate Bill 135 was finalized by the lawmakers last month. It states:

"The existing Vermont legislation on blockchain technology and other aspects of e-finance have given Vermont the potential for leadership in this new era of innovation as well, with the possibility of expanded economic activity in the financial technology sector that would provide opportunities for employment, tax revenues, and other benefits."

It noted that the legislative and regulatory response will be instrumental in the state’s ability to embrace the financial technology, while avoiding the challenges it may create.

The bill further calls for a submission of report by 30th November which will include findings and recommendations on the potential opportunities and risks presented by developments in financial technology, suggestions for an overall policy direction and proposals for legislative and regulatory action, and measurable goals and outcomes that would indicate success in the implementation of such a policy.

The report is to be prepared by a working group comprising of representatives from the Department of Financial Regulation, the Vermont Attorney General’s Office, and the Center for Legal Innovation at Vermont Law School.