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Utah+Bill+to+Absolve+Blockchain+Firms+from+Money+Transmitter+Act

Utah Bill to Absolve Blockchain Firms from Money Transmitter Act

 

The US state of Wyoming had recently passed a bill regarding cryptocurrency and Bitcoin. The law is now widely recognized as the first and only U.S. state to provide a comprehensive framework for blockchain technology. Nevertheless, Utah seems to be following Wyoming in that respect. Known as the “Blockchain Technology Act,” the bill was first presented by Republican Senator Daniel Hemmert on Feb. 25.

A Bill has been introduced in the U.S state of Utah by a prominent congressman that would stop blockchain firms from being branded as money transmitters. Republican senator Daniel Hemmert filed Senate Bill 213. The bill proposes that any person who “facilitates the creation, exchange, or sale” of certain blockchain technology-related products should be exempted from Title 7, Chapter 25, Money Transmitter Act.

Utah Blockchain Task Force

The highlighted provision of the bill aims to define and clarify terms related to blockchain technology. Senator Hemmert also proposed the creation of legislative task force, coined as Blockchain Pilot Project Evaluation Task Force. The 12-member task force aims to accomplish two vital things from its congressional study:

It would explore and recognise the potential benefits and applications of blockchain technology.

To recommend a pilot project using blockchain technology in Utah at a state or municipal level to oversee “future economic development in Utah.”

According to Sources,

“On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation.”

The task force shall be directed to submit a final report before the Utah senators to debate the force’s findings and recommendation, including any proposed legislation to the Business and Labor Interim Committee and the Legislative Management Committee, on or before Nov 30.

Development In Other US States

While Utah is making strides to be regarded as a progressive state by exploring the potential of cryptocurrencies and blockchain technology; Ohio and Wyoming are ahead in the application of Blockchain technology.

In a similar move, the state of Pennsylvania also stated that cryptocurrency exchanges and service providers do not need to procure ‘money transmission license’ to operate in the country.

However, North Carolina state took the opposite stance in 2016, passing an update to the state’s Money Transmitters Act that made it mandatory for cryptocurrency and Bitcoin dealers to obtain a license.