In Nevada, a controversial bill regarding the cryptocurrency regulations has been scrapped down by the Lawmakers. The regulatory model proposed by the United States Law Commission (ULC) was flawed. The bill is named SB 195.
The bill was supposed to be passed by the Senate on Friday (April 12, 2018). But with no action taken on the bill, it remains null and void.
The bill SB 195 sought to implement the United States Law Commission (ULC’s )Uniform Regulation for Virtual Currency Business Act (URVCBA) and the Uniform Supplemental Commercial Law for the Uniform Regulation for Virtual Currency Business Act (URVCBA).
The bill was introduced in February 2019 and faced strong opposition and criticism from financial experts and crypto traders. The crypto traders say that the law was working negatively against the crypto copyrights and the bill was meant to increase the regulations on the digital currencies. But now as the law stands dead the financial experts and crypto traders see this as a landmark victory.
Wendy Stolyarov, Director at Government Relations & Business Development for Filament and a Former Candidate for Mayor of Sparks wrote a letter in opposition of the bill back in March 2019. Following is an excerpt from the letter.
“While our business does not rely on cryptocurrency, we are concerned that SB195 could unintentionally classify us as a money transmitter because we build hardware wallet technology that enables the machine-to-machine autonomous transaction.”
There has been quite a strong opposition regarding the law and a strong criticism for the Uniform Regulation for Virtual Currency Business Act (URVCBA). Andrea Tinianow, Chief Innovation Officer for Global Kompass Strategies, wrote an article in ‘Forbes’ criticizing the bill and stating that the bill only protects those customers that own the digital currencies through a third party but most of the cryptocurrency is privately owned.
In response, United States Law Commission (ULC) issued a statement calling for further research and study on the matter.
The Bill is rejected in other states also and it is really a historic win for the crypto world that will give an impetus to the crypto market.