#Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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Blockchain in the Ballot Box? NY Assembly Considers Tech to Fight Election Fraud
The initiative comes at a time when blockchain adoption is gaining traction across the US under the new presidential administration.
Related Reading: US DOJ Disbands Crypto Enforcement Unit Amid Trump Administration’s Regulatory Shift – Report## Blockchain For Delivering ‘Uncensored Truth’
Vanel’s bill, submitted to the Assembly Election Law Committee, tasks the New York State Board of Elections with evaluating on-chain systems as tools for delivering what he terms “uncensored truth” in democratic processes. If approved, the Board will examine similar initiatives in other states and produce a comprehensive report within 12 months.
While the proposal is currently under committee review, it must pass through several legislative stages—including Assembly and Senate votes—before reaching the Governor’s desk for final approval. This marks the fifth version of Vanel’s election-focused blockchain legislation since 2017, none of which have yet become law.
Meanwhile, New York State has increasingly engaged with blockchain and cryptocurrency policy. In 2023, the New York State Cryptocurrency and Blockchain Study Task Force was launched to investigate the environmental and economic impacts of digital assets.
New York also pioneered regulatory frameworks for crypto companies with the introduction of the BitLicense in 2015 by former Department of Financial Services Superintendent Benjamin Lawsky.
Growing US Involvement With Crypto Amid Administration Shift
Interest in digital assets has grown since President Trump’s re-election, which included a March executive order advocating for the development of a Strategic Bitcoin Reserve.
In response, over 15 US states have moved to draft legislation supporting public investment in Bitcoin, with Arizona and Utah initially leading the effort. However, Utah later removed the Bitcoin provision from its proposed bill.
Additionally, lawmakers across state lines are examining various ways blockchain can support public infrastructure and government transparency. From digital identity verification to immutable public records, blockchain’s potential applications continue to be tested in pilot programs nationwide.
In the electoral space, blockchain’s decentralized structure could offer an added layer of protection against tampering and misinformation, particularly in contentious or high-turnout elections.
Should New York proceed with this evaluation, the outcome could influence broader efforts to digitize and secure voting systems. While critics may question blockchain’s scalability or voter accessibility, supporters argue it offers a tamper-resistant, auditable solution well-suited for modern governance.
Related Reading: Sweden Should Add Bitcoin To FX Reserves, Says MPVanel’s legislation could lay the groundwork for a more technologically integrated electoral process that balances innovation with security.
If passed and successfully implemented, New York’s blockchain election report could serve as a reference point for other states considering similar measures, potentially setting the stage for a nationwide shift in how democratic systems utilize emerging technologies.