Senators in New Hampshire have handed a invoice that will exempt digital currency merchants from cash transmission laws, advancing the measure to the state’s governor for signature.
HB436, first filed in mid-January, goals to create an exception from cash transmission necessities for “persons conducting business using transactions conducted in whole or in part in virtual currency”.
The proposal drew each supporters and critics – grassroots advocates on one facet, state officers like New Hampshire’s chief banking regulator on the opposite – and in a vote early final month, the state House of Representatives passed the measure and despatched to the Senate.
When reached, Senate consultant advised CoinDesk the invoice earlier at this time handed by a 13-10 vote, and it now goes to Governor Chris Sununu for signature.
Public records present that the Senate’s Commerce Committee – which thought-about the invoice earlier than advancing it to the total chamber – gave their nod of approval regardless of pleas from officers within the state to both amend or reject the invoice outright.
During a listening to earlier this month, representatives from each the New Hampshire Banking Department and Department of Justice argued against the bill. Their testimony was in sharp distinction with each grassroots supporters and the invoice’s sponsors within the House, who argued that the exemption would profit the state in the long term.
New Hampshire’s push towards digital currency regulation is exclusive amongst efforts in different US states, which have largely seen legislative actions that lean towards extra scrutiny of digital currency actions.
New Hampshire State House image through Shutterstock
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