Blockchain attorney Morvareed Salehpour takes us into the rabbit hole on the Uniform Regulation of Virtual Currency Businesses Act. Why is this important? After all, crypto is borderless! That is true, but U.S. businesses have to comply with federal and state laws – which can be a patchwork of different regulations, sometimes without much guidance as to how they should be applied.
We talk about the Uniform Law Commission, a non-profit organization that was established in 1892 to look at variations and similarities in state laws, and propose uniform laws that all the states can adopt to make things easier for business. The Uniform Law Commission has proposed a piece of legislation that has now been introduced by five states including California.
If passed, it will affect businesses that exchange, transfer or store virtual currency – including the exchange of digital representations of value in online games. Potentially, this can improve the cost of compliance for cryptocurrency and related businesses. However, this is a long range project, since each state must adopt the proposed legislation.
Some companies have gone out of business trying to cope with the cost of compliance. Morvareed proposes that clear guidance in the form of regulation will stimulate business. In fact, the existing Uniform Commercial Code, first proposed in 1940, took more than 20 years for full adoption, and has been called “the backbone of American commerce.”
LINKS FROM THIS EPISODE
- Salehpour Legal Consulting
- The Uniform Law Commission
- The Uniform Regulation of Virtual-Currency Businesses Act
- California AB1489
- Uniform Commercial Code
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