Jan 162015
 
NH Representative Pushes Back on Virtual Currency Regulation

New Hampshire Representative Daniel Tamburello introduced legislation to exempt virtual currency users from Licensing of Money Transmitters. This legislation is similar to the Model Legislation I proposed on this blog in August of last year. Another proposal before the New Hampshire legislature would “requir[e] the state treasurer to develop an implementation plan for the state to accept bitcoin as payment for taxes and fees.” The text of this legislation is not yet available, however, I […]

Aug 132014
 
Hands off Bitcoin: Model Legislation

The New York Department of Financial Services (NYDFS) last month rolled out a proposal to regulate “virtual currency businesses” worldwide if the company had at least one customer within the Empire State. In response, the Intergalactic Bit License was created, with Davi Barker stating, “we can laminate stuff, too.” Also in response to this proposal came model legislation – I know, not something you’re used to seeing on BNB. Though drafted specifically to be introduced in the […]

Jun 112014
 
Politicians Begin to Accept and (Attempt to) Regulate Bitcoin

The FEC recently issued an opinion that opened the door for candidates and committees to begin accepting bitcoin. An article by CoinDesk.com highlights a few of the candidates who have begun accepting the alternative currency. One such candidate is Steve Stockman, who last month introduced legislation to overturn the IRS decision that bitcoin is property. Stockman’s bill, the “Virtual Currency Tax Reform Act,” would define “Virtual currency” as “a digital representation of value that functions […]