Two bills before the Maryland legislature call for the U.S. state to study and possibly regulate blockchain technology.
Afterward, the commission would “include recommendations for State actions to regulate cryptocurrencies in its 2018 report to the Governor and ... the General Assembly regarding State action to regulate cryptocurrencies.”
The bills are notable, as Maryland has generally stayed out of the cryptocurrency regulation fray. The last time a state agency discussed the topic was in 2014, when the Maryland Office of the Commissioner of Financial Regulation issued a warning to bitcoin investors.
At the time, the agency noted that cryptocurrencies were unregulated, and warned investors to do their own research before buying bitcoin or its cousins.
It also noted that state and federal regulators were working on a framework for regulating cryptocurrencies, but no regulations have appeared in Maryland in the four years since.
While the Maryland bills do not spell out what form any future regulations would take, they are part of a worldwide surge in regulatory interest in the cryptocurrency space.
Recently the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have begun more actively tamping down on initial coin offerings (ICOs) deemed fraudulent or otherwise in violation of the law.
Maryland flag image via Shutterstock
Read more about
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.