North Dakota’s Bitcoin Regulation Hits Roadblock in New Hearing

A proposal to study bitcoin regulation in North Dakota has reportedly run into some opposition.

AccessTimeIconFeb 15, 2017 at 4:22 p.m. UTC
Updated Sep 11, 2021 at 1:05 p.m. UTC
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A proposal to study bitcoin regulation in North Dakota has reportedly run into some opposition.

As reported last week by CoinDesk, North Dakota’s legislature has taken up a measure that, if passed, would mandate a study into how the state could approach putting together a legislative framework for the tech.

Bill 2100 was submitted at the request of financial regulators at the end of last year, passing unanimously in the State Senate on 12th February. From there, it advanced to the North Dakota House of Representatives, the state legislature’s lower chamber, being taken up by the Industry, Business and Labor Committee.

Lawmakers convened a hearing on the bill yesterday, and while a video of the hearing was not immediately available at press time, local reports indicate that regulators want to see action on the legislative level due to interest from companies looking to open for business in the state.

Aaron Webb, assistant commissioner for the state’s Department of Financial Institutions, was quoted as saying by local news outlet KFYR:

"If they do any other business relating to US currency, a lot of times they'll do both, and if they do any US currency money transmission, then they require a license. And we've indicated that we are going to bring this to the legislature for some type of direction."

Yet according to the outlet, the committee currently considering the measure isn’t on board with it.

That body reportedly gave it a unanimous Do Not Pass recommendation – a determination that could either result in changes to the bill or a decision to abandon it entirely.

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