Blockchain and Crypto Business Reps Protest Nevada Bill
William Suberg's original article for cointelegraph.com reduced by 48%
Representatives from the blockchain and cryptocurrency industries voiced their concerns about a bill in the Nevada State Senate in a Judiciary Committee hearing on Tuesday, March 12. The bill, SB 195, would introduce several uniform standards to the virtual currency industry, and would require crypto-related business like exchanges to register with the state's Department of Business and Industry. In the hearing, Ohrenschall states that other iterations of the bill were introduced in state legislatures in Hawaii, Oklahoma and California.
Following an initial explanation of the bill before the committee, representatives from the crypto industry protested the legislation. The Nevada Technology Association said that the bill was premature and would put Nevada at a competitive disadvantage as blockchain was still in its nascent stages. The NTA continued that a bill that tried to regulate the rapidly evolving technology in such detail could do more harm than good.
The bill is still in the early stages of its legislative lifecycle, having only been introduced in mid-February.
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