Bitcoin Advocates Weigh in on North Carolina Regulatory Bill
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’....
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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....
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....
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....
North Carolina Governor Pat McCrory signed 16 bills into law today, one of which was House Bill 289, which expands the state’s Money Transmitters Act to cover activities related to bitcoin and other blockchain-based digital currencies. Introduced in 2015, the passage of the law represents the fruition of more than a year of engagement between members of the US blockchain and digital currency industry and local regulators. Though the bill has not been without criticism, in interviews with CoinDesk, prominent advocacy groups largely voiced support for the measure as a step forward for the....
A bill calling for specific regulation of digital currencies such as bitcoin has been approved by the North Carolina House of Representatives and has moved to the state Senate for further deliberation. House Bill 289 seeks to enact a new Money Transmitters Act (MTA), which would specifically address the transmission of virtual currencies such as bitcoin. It was submitted by Republican Representative Stephen M. Ross, who outside of his capacity as a state representative serves as a vice president and investment officer at Wells Fargo. He filed the bill on behalf of the North Carolina's....