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Bitcoin MSB Exemption Goes to New Hampshire Governor for Approval

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Bitcoin MSB Exemption Goes to New Hampshire Governor for Approval

Senators in New Hampshire have passed a bill that would exempt digital currency traders from income transmission regulations, advancing the measure to the state’s governor for signature.

HB436, first filed in mid-January, aims to create an exception from cash transmission requirements for “persons conducting company utilizing transactions performed in entire or in part in virtual currency”.

The proposal drew each supporters and critics – grassroots advocates on one side, state officials like New Hampshire’s chief banking regulator on the other – and in a vote early last month, the state Property of Representatives passed the measure and sent to the Senate.

When reached, Senate representative told CoinDesk the bill earlier today passed by a 13-ten vote, and it now goes to Governor Chris Sununu for signature.

Public information present that the Senate’s Commerce Committee – which regarded the bill ahead of advancing it to the complete chamber – gave their nod of approval despite pleas from officials in the state to either amend or reject the bill outright.

In the course of a hearing earlier this month, representatives from both the New Hampshire Banking Department and Department of Justice argued against the bill. Their testimony was in sharp contrast with each grassroots supporters and the bill’s sponsors in the Residence, who argued that the exemption would advantage the state in the lengthy run.

New Hampshire’s push towards digital currency regulation is special among efforts in other US states, which have largely seen legislative actions that lean toward much more scrutiny of digital currency activities.

New Hampshire State House image through Shutterstock

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Published at Thu, twenty Apr 2017 18:04:11 +0000

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