North Carolina Joins Wyoming in Welcoming Crypto Business
North Carolina’s General Assembly showcased exceptional leadership last week with the unanimous passage of House Bill 86. The legislation is on Gov. Roy Cooper’s desk to be signed into law, so Coinbase and other cryptocurrency businesses can continue operating in the state.
Rep. Stephen Ross and his staff led this important effort, along with support from Sen. Jeff Tarte, Sen. Dan Bishop, Sen. Rick Gunn, Rep. Jason Saine, Sen. Bill Rabon, Rep. Jon Hardister, as well as Speaker of the House Tim Moore and his staff.
The final bill includes language approved by North Carolina Commissioner of Banks Ray Grace, revising legislation enacted in 2016 to keep pace with the rapid advancement and adoption of digital assets, including cryptocurrency. The new legislation will foster innovation and an open financial system for North Carolina residents and businesses, standing out as one of America’s newest hubs for cryptocurrency.
Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws.
While North Carolina’s legislation allows for the licensure of cryptocurrency business activity, legislation in Wyoming passed earlier this year to exempt cryptocurrency from the definition of money transmission. This legislation was supported by Rep. David Miller and Senator Eli Bebout, and signed into law by Gov. Matt Meade. Coinbase is currently working with Wyoming regulators to resume lawful operations in the state.
By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.