Blockchain and virtual currency are emerging, fast-growing areas of technology. A patchwork of state-by-state laws governs blockchain technology—and the laws are changing rapidly. Can corporations keep shareholder records on a blockchain? Has the state created a “sandbox” allowing blockchain companies to apply for waivers from certain regulatory requirements? Do virtual currency businesses need a money transmitter license?
To help companies cut through the confusion, Womble Bond Dickinson FinTech attorneys Steve T. Middlebrook and Tom Kierner have created a new 50 State Blockchain and Virtual Currency Law Map. The interactive, intuitive map provides up-to-date information on statutory law, regulations, legislation and agency guidance related to blockchain and virtual currency for each state (plus the District of Columbia and Puerto Rico).
The map is free and easy to use. Simply hover over a state to see pending legislation; Click on a state to see adopted legislation and regulations. Learn which jurisdictions have amended their Electronic Transactions Act to address blockchain technology. Track which state legislatures are considering the Uniform Regulation of Virtual Currency Businesses Act. Monitor developments in how securities regulations address virtual currency. You can also subscribe to email notifications about legal developments impacting blockchain and virtual currency.
The Blockchain and Virtual Currency Law Map is the second in a series of tools the firm’s FinTech practice group plans to launch to assist clients in understanding state law as it applies to various FinTech products. The first such tool was the 50 State Payroll Card Compliance Map . Future tools will address privacy statutes and gift card regulations.
Click here to receive updates to our Blockchain and Virtual Currency Law Map.
Click here to receive updates to our Payroll Card Compliance Map.
Steve T. Middlebrook has an extensive background in emerging payment technologies, prepaid and stored value products, mobile payments, web-based financial services, virtual currency and distributed ledger technology. His prior experience includes being General Counsel at two FinTech companies, and a decade’s service at the US Department of the Treasury. He also served as an advisor to the Uniform Law Commission (ULC) committee which drafted the Uniform Regulation of Virtual-Currency Businesses Act. The Uniform Act was recently approved by the ULC and is now being considered for adoption by a number of states.
is a transactional attorney with a background in payment systems and financial regulations. As former in-house counsel at two financial services companies, he advises his clients on the dynamic regulatory and legal landscape for FinTech and payments companies. He also assists his clients in negotiating and drafting agreements with banks, processors, and other service providers.