New Jersey Moves Closer to Crypto License With Introduction of Senate Bill

With a new Senate bill on the table, New Jersey is getting closer to introducing a state-level licensing framework for crypto firms. The New Jersey Senate is set to consider a new bill that proposes the creation of a new, mandatory licensing framework for all cryptocurrency firms operating in the state.Introduced on Nov. 5, the new Senate bill, or "Digital Asset and Blockchain Technology Act," has been sponsored by the Democratic Party senator for New Jersey's 35th Legislative District, Nellie Pou. S3132 is now pending a referral to the Senate Commerce Committee. The Senate bill follows....

California may have a wealth of tech-savvy entrepreneurs anxious to create new businesses. But the state's lawmakers aren't doing them any favors as they move forward on a virtual currency license that saddles businesses with fees, paperwork and uncertainties. Businesses would have to pay a non-refundable fee of $5,000 just to apply for the license from the Commissioner of Business Oversight. Which makes one wonder about the bill's real intent. The Golden State's lawmakers aren't taking any time to study the ramifications of New York's recently-released Bitlicense before requiring their....

The California state legislature's effort to effectively legalize bitcoin - along side a host of other alternative stores of value - as forms of money cleared an important procedural stage on Wednesday as it moved closer to becoming law. On 4th June, the California Senate Banking and Financial Institutions Committee voted overwhelmingly in favor of AB-129, the bill authored by Assemblymember Roger Dickinson that would recognize digital currencies, points and coupons, among other US dollar alternatives, as lawful money. The 7-1 vote by the committee means the bill will move to the Senate....

California's State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks. Formulated by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour. Currently undergoing review by California's Senate - having already completed the first of three readings - if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the....

The Connecticut House of Representatives has passed a bill that would give the state's top financial regulator new powers to oversee parts of the local digital currency industry. If signed into law, Substitute House Bill No. 6800 would require a company seeking a money transmission license from the Connecticut Banking Department to specify that it plans to offer digital currency services. State regulators would then be empowered to assess whether or not to reject that applicant's request based on the potential risks to consumers. The bill states: "The bill allows the commissioner to deny a....