Business 18 April 2019Neil Mathew
Nevada lawmakers scrap controversial Bitcoin bill
There are many cryptocurrency proponents that have been looking forward to a clear regulatory framework when it comes to the United States, and for states to start passing pro-crypto legislation. Many believe that without these kinds of laws, startups might look past the United States to other blockchain hubs outside of the country. At the same time, cryptocurrency enthusiasts also want to make sure that the wrong laws do not pass. In what many consider a victory for the cryptocurrency community, Nevada lawmakers scrapped a bill that many believe was not beneficial to the crypto markets. The bill is now considered “dead in the water.”
The bill in question is Senate Bill No. 195, otherwise known as SB195, and deadline for further action was last April 12. SB195 was immediately met with opposition from cryptocurrency influencers when it was introduced in February. The bill planned on implementing the ULC’s Uniform Regulation for Virtual Currency Business Act (URVCBA). Critics of the bill claim that the bill is more focused on controlling overall cryptocurrency than protecting investors and traders.
Great work by Nevada Bitcoiners killing @uniformlaws evil URVCBA attack on individual property rights & monetary sovereignty.
— Trace Mayer (@TraceMayer) April 16, 2019
Wendy Stolyarov, director of Government Affairs at Filament, a blockchain hardware developer, was vocal about her belief that the law could potentially harm the overall industry. In a letter sent to the lawmakers, Stolyarov stated that the law might “unintentionally classify us as a money transmitter” simply because of the technology that they build. Many believe that this presents an unnecessary burden for companies that are trying to grow.
There are other states that have passed pro-crypto legislation that the cryptocurrency community have rallied behind, and believe are beneficial to the growth of the cryptocurrency markets. The most notable example is Wyoming, which passed four new blockchain-friendly bills. One of them specifically exempted cryptocurrencies from the state’s money-transmitter laws, and other laws passed in the state have specifically made it easier for blockchain businesses to cut through the bureaucracy and inefficiency of state government. Missouri has also passed pro-cryptocurrency legislation, as well, and some believe that other states might lose their advantage if they chose to adopt URVCBA.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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