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The New Jersey State Legislature is holding a public hearing on bitcoin and digital currency today.

The Assembly Financial Institutions and Insurance Committee has invited select guests to testify to the applications, consumer protection risks and concerns, advantages and current US regulatory schemes related to digital currency use.

"Chairman [Craig J] Coughlin wanted to do a hearing on digital currency because he realized that the role of digital currency is expanding in society and felt that the legislature should consider how to ensure New Jersey is prepared to deal with that ever-expanding role," a spokesperson for the Assembly Democratic Majority Office told CoinDesk.

Members from other committees, such as Commerce and Economic Development, will also hear the testimony.

The committee oversees money transmission regulators and those with potential jurisdiction over digital currencies, some of which are expected to attend the hearing.

The lineup of speakers includes:

  • CoinComply managing director Brian Stoeckert
  • New York Law School professor and Coin Center Fellow Houman Shadab
  • Coin Center executive director Jerry Brito
  • Attorney and Blockchain global policy counsel Marco Santori
  • Tera Exchange co-founders Christian Martin (CEO) and Leonard Nuara (president)
  • ItBit CEO Charles Cascarilla
  • Coinware general counsel Quentin Page
  • Ziftr CEO Robert Wilkins.

The hearing comes the day after the New York State Department of Financial Services released the latest revisions to its BitLicense framework.

RegulationNew Jersey

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