Senators in New Hampshire have passed a bill that would exempt digital currency traders from money transmission regulations, advancing the measure to the state's governor for signature.
HB436, first filed in mid-January, aims to create an exception from money transmission requirements for "persons conducting business using transactions conducted in whole or in part in virtual currency".
The proposal drew both 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 House of Representatives passed the measure and sent to the Senate.
When reached, Senate representative told CoinDesk the bill earlier today passed by a 13-10 vote, and it now goes to Governor Chris Sununu for signature.
Public records show that the Senate’s Commerce Committee – which considered the bill before advancing it to the full chamber – gave their nod of approval despite pleas from officials in the state to either amend or reject the bill outright.
During 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 both grassroots supporters and the bill’s sponsors in the House, who argued that the exemption would benefit the state in the long run.
New Hampshire’s push toward digital currency regulation is unique among efforts in other US states, which have largely seen legislative actions that lean toward more scrutiny of digital currency activities.
New Hampshire State House image via Shutterstock
Bitcoin briefly plunges below $2,100 as upward momentum fades
Bitcoin briefly dropped more than $700 from a record high in less than two days, after a week of intense speculation by traders and investors. The digital currency plunged nearly 12 percent
ET Deals Memorial Day Roundup: Save on Dell Core i7 Laptops, 1080p Foscam Wireless Cameras, and More
Just in time for Memorial Day weekend, we’ve gathered up some of the very best discounts online. Whether you’re looking for a new PC, a 4K television, or even a wireless camera, there’s somethin
Is the Crypto Asset Class Finally Coming Into its Own?
It's no secret that bitcoin, ether and other cryptocurrencies have been on a tear.
But, is this sharp uptick in value a sign that these innovative technologies are building greater legitimacy, or i
Three reasons why this bitcoin surge is not the same
Bitcoin's exponential surge is different this time around, most digital currency investors and software developers say. To many, the enthusiasm resembles the rush into technology stocks before
How to Pull Bitcoin out of Darknet Stigma: Blockchain Startup Expertise
With most new technologies, it's rare that mainstream investors dive in and take risks with the unfamiliar and untested. Organized crime, on the other hand, will invest in cutting-edge technologies
Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies
At the Token Summit held on May 25, 2017, at the NYU Stern School of Business in New York City, Coinbase CEO Brian Armstrong noted the possibility of digital currencies and cryptocurrencies such as
Bitcoin Price Officially Doubles That of Gold, Experiences Minor Correction
Until May 26, Bitcoin price remained at around $2,550, demonstrating a value that is double that of gold. Gold is being traded at $1,267 in most major markets. For two straight days, from May 24
Ethereum Classic Becomes Fifth Largest Cryptocurrency, Briefly Beats NEM, Litecoin
Ethereum Classic has become the fifth largest cryptocurrency in the world after surpassing the market cap of Litecoin. Briefly, Ethereum Classic also overtook NEM, the fourth largest cryptocurrency