Uniform Law Commission Seeks Unified Regulation For Virtual Currencies In America
The Uniform Law Commission (ULC) is a nonprofit was established in 1892 in order to drive consistency among US state laws. On the 9th October the commission will host the first meeting on the draft version of a Digital Currency License Act.
Senator Holly J. Mitchell Shelves California’s BitLicence, AB-1326
Until recently, California was following in the footsteps of New York. The New York Department of Financial Services implemented the original BitLicense in June 2015, which spurred a mass annexing from bitcoin related services.
Trust Companies Cornering New York Bitcoin Market
New Yorks BitLicense sent waves through the community, and many Bitcoin companies have cut all ties to the state. While the regulation was criticised for grey areas, and imposing a high-barrier to entry, some companies are making the most of the situation.
California Bitcoin Bill Sponsor Responds to EFF Concerns
California assemblymember of the 45th Assembly District, Matt Dababneh, responded to criticisms from the Electronic Freedom Foundation (EFF) on AB 1326, a bill he sponsored that would propose new regulations for the emerging digital currency industry in California.
Mass Exodus of Bitcoin Exchanges from New York State Triggered by BitLicense Deadline
At least ten bitcoin exchanges, including the exchanges with the highest volumes of USD and EUR trading, are pulling out of New York State as the Bitlicense deadline arrives.
BitLicense Fallout
The controversial BitLicense has been through three revisions, and a final draft was announced on the June 3, 2015. In just over a month the regulatory license has already seen three companies discontinue business in the State of New York.
