North Carolina Senate Committee Advances Bitcoin Bill
A legislative bill that would cover bitcoin and digital currency related business activities has advanced in the North Carolina Senate. According to the The Associated Press, the Senate Commerce Committee gave its stamp of approval to SB 680, which was originally filed in March. The bill passed in the North Carolina House of Representatives by a wide majority of 117-1 in May. As noted by a spokesperson for the North Carolina's Commissioner of Banks at the time, the bill - which amends the state's Money Transmitters Act - covers any activity "involving a personal, family or household....
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The North Carolina Senate Commerce Committee has agreed to support a House Bill drafted by North Carolina's banking commissioner regarding money transmission. The bill, titled "AN ACT TO ENACT THE NORTH CAROLINA MONEY TRANSMITTERS ACT AS 3 REQUESTED BY THE OFFICE OF THE NORTH CAROLINA COMMISSIONER OF 4 BANKS," states that money transmission includes maintaining control of virtual currency on behalf of others, and that the "online-only money" [bitcoin] is converted to cash using digital currency exchanges and the holder keeps it stored online. The bill passed the House back in May and is in....
A recently drafted piece of legislation covering bitcoin regulation and cryptocurrency activity oversight has advanced in the North Carolina Senate. The Commerce Committee already gave its stamp of approval to SB 680, which was originally filed in March and gained a majority 117-1 vote from the state's House of Representatives in May. This bitcoin regulation bill would give the state banking commissioner authority over money transmitting operations, which span bitcoin exchanges and virtual currency creators. Bitcoin Regulation Implications. While not as strict as New York's BitLicense, the....
Following a majority vote of the North Carolina Senate, the General Assembly of the state has now approved the amendment of a statutory article – the North Carolina Money Transmitters Act. The move will see the term “virtual currency” added to the existing law. Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate. In May 2016, North Carolina state’s House of Representatives overwhelmingly voted in a 117-to-1 vote, seeking the update before the recent approval from....
Representatives of the blockchain industry spoke today at a North Carolina Senate Finance Committee meeting to advocate for a bill that they believe is among the more favorable seen so far at the state legislative level. At the center of discussion today was the state’s Money Transmitters Act, and changes to the legislative framework that would update the rules in accordance with guidance issued by the North Carolina Office of the Commissioner of Banks (NCCOB) last December. Sponsored by Senator Rick Gunn, Senate Bill 680 would update the definition of money transmission to include any....
Virtual currency advocates provided input to a North Carolina legislative committee Tuesday on a proposed rule to improve regulation of digital currency and blockchain related businesses. The Chamber of Digital Commerce, a trade association that promotes digital assets and blockchain technology, joined representatives of IBM and the Perkins Coie law firm in meeting with the North Carolina Senate Finance Committee. The state House of Representatives passed the North Carolina Money Transmitter Act in May by a 117-to-1 vote after being introduced in March at the Commissioner of Banks’....