In the Distance by Angus MacRae| CC By 2.0
JD Supra released the results of its updated survey of state laws relating to blockchain. The best state for blockchain businesses: Wyoming is a leader, having enacted a series of regulations that exempts tokens from securities laws and virtual currencies from money transmitter laws. The worst: Possibly, New York, which has chased away blockchain-based companies with its BitLicense scheme..
One of the key issues with state blockchain regulation is that few states have addressed whether their money transmitter laws apply to virtual currencies.
Some states have issued guidance, opinion letters, or other information from their financial regulatory agencies regarding whether virtual currencies are “money” under existing state rules, while others have enacted piecemeal legislation amending existing definitions to either specifically include or exclude digital currencies from the definition. To use a pun those in the blockchain space should understand, there is a complete lack of consensus as to whether they do or not. This uncertainty is made all the more complicated by potentially contradictory guidance from the Federal government.
JD Supra
Check out the complete survey here.