See More

Nevada Governor Scaling Back Plans for Autonomous Tech ‘Innovation Zones’

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Governor Steve Sisolak is putting ‘Innovation Zones’ legislation on hold.
  • The move is a blow to Sisolak and Blockchains Inc.
  • A special committee will be formed for further research to convince skeptical lawmakers.
  • promo

Nevada Governor Steve Sisolak announced Monday he will be scrapping plans to legislate autonomous technology ‘Innovation Zones.’

He will instead focus his attention on putting together a special joint committee to study such zones in Nevada.

A step back for tech Innovation Zones in Nevada

Gov. Steve Sisolak has announced his move to sideline plans for legislation creating technology-focused innovation zones in Nevada.  Sisolak will now move back to the drawing board with a joint committee to try and convince lawmakers to change their tune. 

The proposed bill would grant permissions to tech companies which would allow them to form self-governing bodies.  Essentially the zones would function as separate local governments within the current counties of Nevada.  

The legislation, as it was originally conceived, would allow qualified tech companies to raise tax revenue and operate empowerment centers. With the move, Sisolak hoped to accelerate and encourage the diversity of Nevada’s economy along with bringing tech companies to the state. 

The proposed bill, however, was met with a fair bit of negativity by lawmakers and interest groups. Some, like Storey County, even went as far as to pass a resolution that formally opposes Sisolak’s efforts. The group was not sold on the promises made by the legislation and its proponents. Furthermore, tribal and environmental groups raised questions about how smart cities would obtain required water rights for these population hubs. Populations are reported to reach upwards of 35,000 people.

A new plan of attack

In a separate press release on April 26, Sisolak stated his desire for proper research to take place to show legislatures the move would be a net positive for Nevada. 

“Innovation Zones is a bold proposal for our State that deserves additional attention and discussion – and not under the pressure of less than 40 remaining days in the current legislative session. I know that legislators, stakeholders, and Nevadans still have questions, and I want those questions to be discussed and answered. I want people to be enthusiastic about this opportunity, not skeptical about a fast-tracked bill.”

The proposed committee is planning to hold meetings monthly and report directly their findings to the governor and lawmakers. The final report is to be submitted by the end of the calendar year to all parties involved. With recommendations ranging from completely abandoning the idea to filing a bill draft request, it will likely be an important report for both Nevada and tech companies worldwide.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Kyle-Baird.png
Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
READ FULL BIO
Sponsored
Sponsored