State lawmakers, industry leaders and technology experts gathered in Selma this month to discuss the transformative potential of blockchain and cryptocurrency during one of the panels hosted by the Alabama House Democratic Caucus – focusing on how decentralized technologies could lower costs, boost small businesses and expand financial access in Alabama.
House Minority Leader and State Representative Anthony Daniels (D-Huntsville) convened the panel with a forward-thinking approach to identifying the importance of blockchain adoption in state operations and businesses. ‘State. State Rep. Prince Chestnut (D-Selma) moderated the “Understanding Blockchain” panel. One of the panelists, Mobile attorney Scott Tindle, believes these technologies promise to revolutionize small businesses and government services through improved efficiency and cost savings.
“Blockchain technology makes financial transactions cheaper and creates a verifiable, permanent record,” said Darin Carter of Coinbase, a U.S.-based cryptocurrency platform. “For small businesses, moving retail to chain can significantly reduce costs, allowing owners to reinvest in their growth.”
Panelists also highlighted the bipartisan nature of the emerging blockchain and cryptocurrency markets. A Morning Consult study found that 18% of Alabamians own cryptocurrency, with equal representation among Democrats and Republicans. The majority of these owners earn less than $75,000 per year, highlighting the affordability of the technology.
“States are the laboratories of democracy, and Alabama can lead the way in adopting frameworks for blockchain applications,” Carter said, noting that other states are testing blockchain for uses such as securities car ownership, public records and even voting systems.
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The event also addressed concerns about the regulatory environment for cryptocurrencies, with panelists highlighting the need for clear and balanced legislation. “Without regulatory clarity, the United States risks falling behind in international markets,” Carter warned. He called for bipartisan collaboration to ensure consumer protections while fostering innovation.
For underserved and unbanked communities, blockchain and cryptocurrencies could provide new opportunities for financial inclusion. Nationally, approximately 24.6 million households are unbanked or underbanked and rely on alternative financial systems. Panelists cited blockchain’s potential to provide equitable access to wealth creation tools for these populations.
The caucus panel also discussed Alabama’s growing role in the blockchain sector, specifically: Creation from the Alabama Blockchain Study Commission earlier this year.
Grayson Everett is the political and state editor of Yellowhammer News. You can follow him on X @Grayson270
