North Dakota Says No To Crypto Regulation, Joins US Gray Area States
North Dakota has voted down a bill planning for cryptocurrency regulation, representatives rejecting the plan almost unanimously.
North Dakota’s attempt to pass regulation recommendations for virtual currencies has failed to pass into law.
The vaguely-worded bill ND 2100, which passed the state senate in January, received a crushing defeat at the House of Representatives this week, with 84 out 94 votes cast against it.
The original scheme outlined so-called “control of online currencies,” while not defining what the rarely-used term includes.
Businesses dealing in these currencies should also be subject to licensing rules, Aaron Webb of the state Department of Financial Institutions previously explained.
Other states’ positions: Illinois, Hawaii, Washington
The State’s indecisiveness over how to regulate virtual currencies is in contrast to the encouraging approach adopted recently by states such as Illinois.
Hawaii meanwhile has adopted a somewhat contradictory stance, considering a bill to explore how Blockchain’s use could benefit its economy while at the same time forcing Coinbase to stop serving its residents, again due to licensing difficulties.
A similar story emerged in Washington State this week, with exchange Bitfinex writing to customers requesting they withdraw all funds after it decided against applying for a money transmitter license.