Cryptocurrency should be regulated. Cryptocurrency should not be regulated. Cryptocurrency can’t be regulated. These are all common refrains emanating from the media these days. Now lawmakers across the United States and around the world are at a crossroads as to what is next in terms of this regulatory space.
Bitcoin and other forms of cryptocurrency present a monumental challenge for legislators, requiring a broad understanding of blockchain technology, especially in terms of its impact on tech innovation. Amid assertions that the U.S. is falling behind in terms of Bitcoin regulation, it could be argued that the regulatory picture is becoming clearer in 2017.
Bitcoin Magazine asked Pawel Kuskowski, CEO and co-founder of Coinfirm, and Joe Ciccolo, president of the Illinois-based Bitcoin compliance firm BitAML, to offer some commentary about the regulatory activity taking place in five U.S. states — Washington, Illinois, Hawaii, California and Florida — and what the regulatory landscape may look like in the days ahead.
Legislators in Washington state are building momentum around new rules for businesses offering digital currency services. Senate Bill 5013 provides a definition of virtual currency along with disclosure requirements of certain information to consumers. It also would
Read more ... source: Bitcoin Magazine
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