Coinbase CEO Brian Armstrong’s announcement last week that he is placing a political scorecard on the top US cryptocurrency exchange app is a good cause of how much application crypto-regulatory policies have received recently.
The scorecard, which assigns homélie scores to US senators and representatives, will help “103 million verified users get educated embout crypto positions held by political leaders where they en direct,” Armstrong chirp. “Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto).
It also shows how campaign money from the crypto industry will flow into the midterm elections, led by FTX exchange CEO Sam Bankman-Fried, who promised at least $100 million in the 2024 election V.T.T. and is responsible for “most” of the 31.2 million cryptocurrency. dollar. Essence PACs affiliates have served their 2022 midterm primaries by mid-June, Roll Call mentioned.
But it’s not just Washington, D.C., where crypto-legislation takes établi and where cryptocurrency dollars (and bitcoin) are spent to make it the industry’s way.
In the same month, a Summary From the 2022 crypto legislation released by the Territorial Conference of State Legislators, it récapitulations that 37 states have passed or are working on bills that cover quantitatif assets, ranging from minor currencies — Washington and West Virginia added virtual currencies to their unclaimed property laws — to the somewhat dramatic. What.
Wyoming, among the first states to seriously foyer on cryptocurrency (and the first to make attracting the industry a principal foyer), has passed legislation affecting the regulation of Decentralized Autonomous Organizations (DAOs) that govern Decentralized Payé (DeFi) projects.
Not all should be taken seriously. Arizona 136 words law Project A senator from a state sought to define bitcoin as a legal currency in the state.
But a lot of countries are more friendly.
On May 12, Florida Governor Ron DeSantis, a Republican, signed a bill stating that two attorneys from the blockchain and quantitatif asset practice of Greenberg Traurig, one of the 10 largest law firms in the United States, He said: “It softens Florida’s opinion on licensing requirements for virtual currency activity by making it clear that a license to send money is only required for people who act as intermediaries between two parties if the intermediary has the unilateral ability to execute or block a arbitrage.”
It added that anyone who engages in head-to-head binary transactions does not require a Financial Travaux Affaires (MSB) license.
It came two months after another Florida law was highlighted as bouchée of the folk’s “warm embrace of the cryptocurrency registre” by the New York Times in a story embout the crypto industry’s collision in state capitals. She said the bill made it easier to buy and sell cryptocurrencies, eliminating a threat from a law aimed at curbing money laundering.
SEE ALSO: Countries Battle for Crypto Industry Dollars, Regulatory Catégorie to the Bottom Begins
Conflit on both coasts
On the other handball, the cryptocurrency industry is hitting voilier walls in some principal states, particularly California and New York.
In California, the Quantitatif Financial Assets Act — a principal piece of legislation requiring crypto-financial principes firms to obtain a license similar to New York’s wildly unpopular BitLicense — awaits the acquit or overturn of Democratic Governor Gavin Newsom.
The Blockchain Adjonction, one of the industry’s leading groupe de pression groups, called it “short-sighted and unhelpful” and warned that it would “hamper the ability of crypto innovators to act and drive many out of the folk.”
And in New York, the cryptocurrency industry has tried and failed to prevent the legislature from passing a ban on crypto mining that is now awaiting acquit or négation from Governor Cathy Hochhol — who is being pressured just as harshly.
It is also the first state where the Blockchain Adjonction has set up a lobbying operation in the richesse. Its president, John Olsen, Tell Coindesk in March said that the moratorium “actually gained more roulotte than it should have, parce que no one in the industry is championing the benefits of both blockchain and crypto.”
It’s likely to make some progress, said Jacqueline Jamin Drohan, partner at Druhan Lee, who leads the New York State Bar’s task assurance on déboursé and emerging quantitatif currencies.
In a Sept. 6 discussion on the accession’s website, she said that “at the state level, regulation is pointless.”
While BitLicense is “the conforme between countries, maybe even globally… it can be unmanageable for many early-stage startups… the folk doesn’t need to find a happy opérateur, parce que it wants to grow its crypto footprint.” And attract companies – especially in New York City – and get them headquartered here.”
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