A growing no of elected individuals in the U.S. had considered legalization of Bitcoin inevitable, if not desirable. Hence, individual states of U.S. have advanced towards bitcoin legalization. States like Arizona, Tennessee, and Wyoming are some of these leading states. This has been made possible with the introduction of numerous crypto-friendly bills, and some of which have received approval in committees and houses of state legislatures.
Lawmakers in the Grand Canyon have been concerned for quite a while now on the means by which they can facilitate residents receiving incomes and profits in cryptocurrency. The local lawmakers have decided that Bitcoin is good enough for the state coffers if it is good for ordinary citizens and businesses. With this in mind, Arizona got closer to accepting cryptocurrency as a legal tender for taxation purposes, last week,
Tennesse is not far behind. With its concren for security, this state is looking forward to legalizing cryptocurrencies and crypto payments. A proposal for the same has been presented along with a bill that deals with officially recognizing cryptocurrency financial transactions and smart contracts in the state. It would also ensure the protection of ownership rights of information secured on blockchain networks.
“We are not just competing with other states in this space, we are competing with the whole world.” Tennessee House Representative Jason Powell (D) said.
Wyoming has also expressed its desire to become a crypto-friendly jurisdiction. It has already started taking steps in that direction to appear attractive to startups from the sector. Several drafts have been introduced in the state legislature. Respective committees have passed two of them and they are now ready for the House of Representatives.
Two other states that have passed legislation with crypto-related exempts in their money transmitter regulations are Kansas and New Hampshire.
In Montana there no applicable money transmission laws and in Texas, companies are not licensed when offering custodial exchange services to in-state customers.
Authorities in Nevada have promised to create favorable conditions for startups working with blockchain technologies.
Most other states have yet to adopt their regulatory frameworks.