In a recent op-ed, Comptroller Otting rightly celebrates competition between state and federal regulators and describes the existing dual banking system: “Since 1863, the United States has benefited from a...
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Money Transmission Licensing is broken. Here’s how to fix it.
Last week the Chairmen of the SEC and CFTC co-authored an op-ed in the Wall Street Journal that, among other things, called for a “revisit” of the policy thinking behind...
The Need for a Federal Alternative to State Money Transmission Licensing
The several states rather than the federal government are the primary regulators of money transmitters. State-by-state money transmission licensing is inefficient because transmitters provide a networked good that inherently crosses...
Visualizing Digital Currency Regulation State-by-state
Today we are updating our State-by-State Regulatory Tracker for Digital Currency Policy to include an interactive map that deals with the complicated subject of whether existing state money transmission law...
The Uniform Law Commission Has Given States a Clear Path to Approach Bitcoin
The Uniform Law Commission (ULC), a private body of lawyers and legal academics, has voted to finalize and approve a uniform model law for the regulation of virtual currency businesses....
The ULC’s model act for digital currency businesses has passed. Here’s why it’s good for Bitcoin.
The Uniform Law Commission, a private body of lawyers and legal academics from the several states, has just voted to finalize and approve a uniform model state law for the...
The digital currency industry supports the ULC’s model state law.
In an open letter to attendees of the Uniform Law Commission’s annual meeting this week, several major digital currency firms and investors called for the adoption of the “Regulation of Virtual...
The Bank Secrecy Act, Cryptocurrencies, and New Tokens: What is Known and What Remains Ambiguous
This report summarizes how various activities performed with cryptocurrencies and similar tokens have thus far been characterized by FinCEN and other authorities for the purposes of determining the compliance obligations...
In a letter to congress, their industry group, Financial Innovation Now, explained how state-by-state money transmission licensing is a major impediment to innovation in financial services here in the US: Payment...
Last weekend I attended what will probably be the final meeting of the Uniform Law Commission’s drafting committee for a model Regulation of Virtual Currency Businesses Act (the RVCBA!). The...