Utah Senate Introduces Blockchain Related Bill 213

Mar 05, 2019 at 08:42 // News
Coin Idol
Legislators from the state of Utah, U.S., officially introduced a bill that would prevent blockchain companies from being classified as money transmitters.

Legislators from the state of Utah, U.S. officially introduced a bill “UT SB0213” that would prevent blockchain technology companies from being classified as money transmitters.

Last week, Daniel Hemmert, a Republican senator, filed Senate Bill 213 suggesting that an individual that participates or helps in the “creation, exchange or sale” of particular distributed ledger technology (DLT)-related items should be exempted from the Money Transmitter Act of the state.   

This particular bill further aims at creating a legislative group known as “Blockchain Pilot Project Evaluation Task Force” to properly revise and examine the potential of this innovative technology in government services.   

No Need for License   

The task force made up of 12 members would endorse a pilot project using the DLT technology in Utah probably at a state or municipal level and scrutinize the commercial applications of blockchain technology for future economic development of the region and the U.S. at large.   

The task force will prepare a report that includes any recommended legislation, to the Legislative Management Committee and the Business and Labor Interim Committee, ideally before Saturday, November 30, 2019.   

Similarly, on January 23 this year, the Pennsylvania (PA) Blockchain Pilot Project Evaluation Task Force that cryptocurrency exchanges and all service providers can operate normally without money transmission license within the state. The PA Department of Banking and Securities ( DoBS) decided that the license for crypto operations isn’t necessary.   

Nevertheless, in 2016, North Carolina had a different position forcing it to pass an update to the state’s Money Transmitters Act which authorized that firms operating with cryptocurrencies such as Bitcoin, Ethereum, Ripple and others get a money transmitter license.

U.S: A Blockchain & Crypto Whale 

On January 16, 2019, the Wyoming (WY) legislators officially presented a House Bill 1085 called “Corporate Stock-Certificate tokens” which allow corporations to issue certificate digital currencies in preference to stock certificates using DLT.

And in mid-February, WY became the first U.S. state to provide full authority, direct property rights to crypto holders when it passed Senate proposals of Bill SF0125, as reported by Coinidol.   

Generally, the United States is doing well when it comes to blockchain and cryptocurrency. Back in November last year, Ohio (Buckeye State) was ready to become the first U.S state to accept digital currency particularly Bitcoin, for the settling of tax bills. 

Also, in October, the state of California, with massive support from the cryptocurrency community, officially passed two pro-blockchain bills (SB838 and AB2658) into law.

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