In Nevada, the State Senate introduced a bill in Judiciary Committee on Tuesday, which would bring in multiple uniform standards that would impact the entire virtual currency industry. Ultimately, crypto exchanges would have to register with the Department of Business and Industry, along with a few other changes. However, the representatives of multiple crypto and blockchain companies do not like the changes as all.
This new Uniform Regulation of Virtual-Currency Businesses Act was sponsored by James Ohrenschall, a Democratic senator, and it coincides with the push for the implementation of the Uniform Law Commission. The Uniform Law Commission is seeking to introduce consistent regulations that would show how Bitcoin and virtual currency is to be handled in its entirety. Similar versions of the same bill were brought to committees in Hawaii, Oklahoma, and California.
In the protest against the legislation, crypto industry representatives stated that the bill would put Nevada at a severe disadvantage against other states. The Nevada Technology Association also said that the bill seemed premature, considering how blockchain is still at the earliest stages of its industry. With the bill, the NTA believes that the regulations imposed against this innovative space could ultimately prove to be more damaging than beneficial to their growth.
The vice president of government affairs and strategic initiatives at Blockchains LLC, Matt Digesti, noted that the drafting process of the bill included absolutely consultation with the crypto and blockchain businesses in the state. As such, the bill lacks a certain understanding that an insider could possess, but the legislators would not. Director Wendy Stolyarov of the Filament blockchain firm added that this bill would make their classification that of a money transmitter, based on their creation of hardware wallet technology that allows for autonomous transactions between machines.
It is worth noting that the bill is not even out of the early legislative stages, considering that it only came to fruition about a month ago. There is been no amendments or other actions taken on this bill, so there is plenty of time to make adjustments.