Cognate's Trademark Blog

Blockchain & The Law Roundup: 12 February 2018

A couple of interesting pieces about the march of cyrpto regulation in the US market at state level.

 

 

Title: State-Level Legislation Anticipates Wide-Spread Business Use of Blockchain

Author: National Law Review

Date: 9 February 2018

URL: https://www.natlawreview.com/article/state-level-legislation-anticipates-wide-spread-business-use-blockchain

Extract: The Proposed Nebraska Laws

Nebraska has three proposed laws pending:

LB 695 contains concepts that are similar to those found in the Federal Electronic Signatures in Global and National Commerce Act, commonly known as the “E-Sign Act”.  It would give validity and enforceability to smart contracts and would authorize use of distributed ledger technology in the Nebraska’s Electronic Notary Public Act and the Uniform Electronic Transactions Act.  This would give legal effect to electronic notarial acts and make it easier for individuals and businesses to transact electronically.

LB 691 would create the Nebraska Virtual Currency Money Laundering Act and update certain Nebraska state criminal statutes to address crimes involving distributed ledgers and virtual currency.  The statute includes the definition of distributed ledger technology (“DLT”) as “an electronic record of transactions or other data which is (a) uniformly ordered; (b) redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; and (c) validated by the use of cryptography.”  It seems likely that future implementations of distribute ledger may or may not satisfy all of these prongs.

The proposed law is intended to close any gap in existing laws and ensure that existing financial crime statutes cannot be argued to be inapplicable to virtual currencies.  The proposed law allows for the issuance of a warrant authorizing the seizure of virtual currency.

LB 694 would prohibit cities, villages, and counties from taxing or regulating the use of distributed ledger technology.  This aligns with legislation recently passed in Nevada last June, discussed here, which prohibits local governments from levying taxes or licensing requirements on the use of blockchain technology.

Proposed Florida Law

HB 1357 als  .. More at link

 

Title:  Cyrpto Currency & The Ongoing Regulatory Debate

Author: Capital .com

Date: 9 February 2018

URL: https://capital.com/cryptocurrency-and-the-regulation-debate

 

 

Share This Blog Post:

Leave a Comment