[2017-06-27] A Look at the Upcoming US Uniform Regulation of Virtual Currenc

According to reports, some proposed U.S. legislative framework for virtual currencies will be presented in San Diego sometime between July 14-20. The “Uniform Regulation of Virtual Currencies Business Act” was drafted by the Uniform Law Commission (ULC), a nonprofit that tries to establish a statutory law across many jurisdictions and states.

ULC’s Virtual Currency Committee Framework May Not Be Good for Bitcoin

The man who is currently fighting the New York state financial services department has reported that a new virtual currency act will be revealed to the public soon. Theo Chino has been battling the New York Bitlicense for quite some time and talked with the ULC’s Virtual Currency Committee about the new legislative framework. Chino thinks the new act will not be good for bitcoin-based businesses and he believes the committee doesn’t really understand how the technology works.

“The last conversation led me to believe that he did not care about the academic research on the true nature of Bitcoin but was more interested in his personal notoriety as the chair of the committee,” explains Chino’s announcement.

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He did not know how the technology really worked and why the act is bad.

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