Uniform Regulation for Virtual Currency Businesses: Coming to a State Near You

Via CoinDesk, attorney Katherine Cooper contributes this opinion piece on the current movement in several states to address the regulation of virtual currency. From the article:

"The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July.

The current draft is the product of as many as six meetings of the act's drafting committee, 14 comment letters from various industry participants and input from the US Treasury Department, the Conference of State Bank Supervisors, authorities from relevant state agencies in California, Texas and Washington and the Federal Reserve Bank of New York.

Although typically the ULC requires a draft uniform act to be voted on and approved at two consecutive annual meetings, the drafting committee has noted the need to act quickly because various state legislatures have bills that would move forward with laws that would regulate virtual currency businesses."