The Uniform Law Commission (ULC) is set to review outstanding issues with its model digital currency regulation at an upcoming annual meeting.
Tasked with considering uniform state legislation for alternative and mobile payment systems, the ULC has been focusing on digital currencies as part of its mandate to create consistency among US state laws for some time now.
As such, the issues, outlined in a recent memo showcase how much work and deliberation may be left before the model regulation is published and made available as a guide to state lawmakers.
Among the issues remaining include the definition of 'permissible investments' startups are allowed to keep on the books, and the definition of the term 'bank'.
However, in the same way, the ULC is seeking to assist state lawmakers grappling with such questions, in those states and others, providing them an easier way to give clarity to entrepreneurs and investors.
Such issues are likely to be at the fore of the next annual meeting, which will be hosted in California from 14th–20th July.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.