New Hampshire Senate Considers Bill to Deregulate Bitcoin

The day of reckoning has finally arrived, which will see whether the New Hampshire’s state Senate will pass a bill that will deregulate digital currency transactions such as bitcoin from money transmitter regulations in the state.

The bill, HB 436, was sponsored by Rep. Barbara Biggie, co-sponsored by Rep. Keith Ammon and John Hunt, all of which were early adopters of the digital currency. Early last month, it passed the House of Representatives by a vote of 185-170.

In further development of the bill’s movement, it recently passed out of the Senate Commerce Committee with a vote of 3-2, and is expected to be voted on by the full Senate today.

// Get exclusive analysis of bitcoin and learn from our tutorials. Join Hacked.com for just $39 now. //

If passed, the bill would protect consumers when using digital currencies such as bitcoin instead of making them register with transmitter regulators. It would also mean that companies in the state of New Hampshire would be able to operate without following strict KYC and AML regulations.

New Hampshire is one of the states that is showing a keen interest in the world of digital currencies and is interested in adopting the currency, which can be seen by the fact that it’s known as a bitcoin-friendly state.

However, while the bill has received support during its progress, the banking commission is not supportive of the bill. The commission wants to know what currency exchanges are doing and how they are handling people’s digital currency transactions. Many are of the opinion, though, that without regulation, those who loose money to a bitcoin exchange will be out of luck as nothing can be done for them.

Prior to the introduction of HB 436, digital currency exchange Poloniex was one exchange that had announced it would be suspending activity to its New Hampshire customers.

This was because of the state’s strict digital currency regulations and the fact that the state was attempting to introduce its own version of a New York BitLicense.

In order for Poloniex to function in New Hampshire they were required to submit a $500 nonrefundable application fee for the license application. Each money transmitter applicant was then obligated to provide a constant surety bond of $100,000, while an applicant or licensee needed to maintain a net worth of less its daily average outstanding money transmissions for the previous calendar year or $1 million.

Of course, if HB 436 passes in the Senate, this regulation will be reversed, making it easier for exchanges to provide a service to their customers in the state.

Featured image of New Hampshire State House from Shutterstock.

Comments

comments

Filed in: Bitcoin Financial News Tags: 

You might like:

OKCoin: Formerly Largest Cryptocurrency Exchange in China to Launch in South Korea OKCoin: Formerly Largest Cryptocurrency Exchange in China to Launch in South Korea
Visa CEO: We Won’t Accept Bitcoin Directly Visa CEO: We Won’t Accept Bitcoin Directly
Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery
Petro Discount: Venezuela is Luring Qatar to Invest in State Cryptocurrency Petro Discount: Venezuela is Luring Qatar to Invest in State Cryptocurrency
Bitcoin Will Be Back Up, Market Sell-Off an Overreaction: BitPay Executive Bitcoin Will Be Back Up, Market Sell-Off an Overreaction: BitPay Executive
Russia’s Largest Bank Has Launched a Blockchain Laboratory Russia’s Largest Bank Has Launched a Blockchain Laboratory
Bitcoin Price Roller Coaster Makes Ransomware Cybercriminals Queasy Bitcoin Price Roller Coaster Makes Ransomware Cybercriminals Queasy
Ripple Price Continues to Outperform Index as Market Recovers Ripple Price Continues to Outperform Index as Market Recovers
© 3637 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.