A two-year effort to unify cryptocurrency business regulations across the U.S. has concluded – now, the technology's enthusiasts just have to convince legislators to enact it.
Established in 1982, the Uniform Law Commission (ULC) is a non-profit association made up of 350 commissioners. All are lawyers by trade, and their goal is to draft legislation that brings clarity to areas where state law is creating instability.
Given the onerous regulatory regimes that have so far been enacted for cryptocurrencies, it may be no surprise that the ULC has taken an interest in the area. Since the group began its work in 2014, attempts by states to regulate the tech have attracted everything from public boycotts to criticism and petitions to ongoing lawsuits.
But with the ULC's work now concluded, some industry observers are optimistic this narrative could see a much-needed reversal. Stephen Middlebrook, an attorney with Womble Carlyle who served as the American Bar Association advisor to the ULC during its drafting process, expects several states to introduce its Uniform Regulation of Virtual Currency Businesses Act in upcoming legislative sessions around the country.
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This development is very positive for cryptocurrency in general as this can lessen confusion and can promote greater understanding on digital currency. Having so many laws sometimes contradictory to each other from one state to another can be anathema to Bitcoin. It is really about to have a harmony and unity as far as cryptocurrency regulation is concerned. This news is just one of the manifestations that cryptocurrency is now really unstoppable and is really here to stay and not anymore a passing fad that can pop anytime.
