Legislators from the state of Utah, U.S. officially introduced a bill “UT SB0213” that would prevent blockchain technology companies from being classified as money transmitters.
Last week, Daniel Hemmert, a Republican senator, filed
Senate Bill 213 suggesting that an individual that participates or helps in the “creation, exchange or sale” of particular distributed ledger technology (DLT)-related items should be exempted from the
Money Transmitter Act of the state.
This particular bill further aims at creating a legislative group known as “Blockchain Pilot Project Evaluation Task Force” to properly revise and examine the potential of this innovative technology in government services.
No Need for License
The task force made up of 12 members would endorse a pilot project using the DLT technology in Utah probably at a state or municipal level and scrutinize the commercial applications of blockchain technology for future economic development of the region and the U.S. at large.
The task force will prepare a report that includes any recommended legislation, to the Legislative Management Committee and the Business and Labor Interim Committee, ideally before Saturday, November 30, 2019.
Similarly, on January 23 this year, the Pennsylvania (PA) Blockchain Pilot Project Evaluation Task Force that cryptocurrency exchanges and all service providers can operate normally without money transmission license within the state. The PA Department of Banking and Securities (
DoBS) decided that the license for crypto operations isn’t necessary.
Nevertheless, in 2016, North Carolina had a different position forcing it to pass an update to the state’s Money Transmitters Act which authorized that firms operating with cryptocurrencies such as Bitcoin, Ethereum, Ripple and others get a money transmitter license.
U.S: A Blockchain & Crypto Whale
On January 16, 2019, the Wyoming (WY) legislators officially presented a
House Bill 1085 called “Corporate Stock-Certificate tokens” which allow corporations to issue certificate digital currencies in preference to stock certificates using DLT.
1/ BOOM! #Wyoming just recognized clear, direct property rights for #digitalassets by passing SF125! This means #blockchain cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months pic.twitter.com/I4E3GfPZbC
— Caitlin Long (@CaitlinLong_) February 14, 2019
Generally, the United States is doing well when it comes to blockchain and cryptocurrency. Back in November last year, Ohio (Buckeye State) was ready to become the first U.S state to
accept digital currency particularly Bitcoin, for the settling of tax bills.