The bill, SB 195, would introduce many uniform standards to the virtual currency trade and would need crypto-related business like exchanges to register with the state’s Department of Business and trade.
The Uniform Regulation of Virtual-Currency Businesses Act, sponsored by Democratic legislator James Ohrenschall, is a shot proposes by the Uniform Law Commission to introduce consistent laws for the virtual currency trade. within the hearing, Ohrenschall states that different iterations of the bill were introduced in state legislatures in Hawaii, OK, and CA.
Matt Digesti, Vice President of state affairs and strategic initiatives at Blockchains LLC said that no blockchain- or cryptocurrency connected businesses were consulted throughout the bill’s drafting method.
The bill continues to be within the early stages of its legislative lifecycle, having solely been introduced in mid-February. No action was taken on the bill in committee and it’s nonetheless to be amended, consistent with public records.
Early this year, the Associated Press found that some counties in Battle Born State were provision wedding licenses on the Ethereum (ETH) blockchain. whereas the technology supposedly enhances the beginning of such documents, their acceptance reportedly varies across completely different government agencies.