ATLANTA—So far, technology and innovation have outpaced regulation in the bitcoin world. Various state approaches differ greatly, and have created uncertainty. But an ongoing effort by the Uniform Law Commission (ULC) attempts to bring legal clarity to cryptocurrency.
The ULC is a non-profit association of attorneys who work to draft legislation to clarify conflicting state laws. Womble Carlyle attorney Steve Middlebrook represented the American Bar Association advisor to the ULC as it drafted the Uniform Regulation of Virtual Currency Businesses Act. He recently discussed the act with CoinDesk.
“It's my understanding that legislators in several states who were interested in legislating in this area held off waiting for the Uniform Act. So, I think there's sort of a built up demand for it,” Middlebrook said.
“The choice really is whether it's going to be regulated using statutes and regulatory schemes that were designed for other things that don’t really mesh well with virtual currency, or whether a regulatory scheme is going to be something specifically designed for businesses operating in this area.”
Click here to read “A Bitcoin Law for Every State? Interest and Animosity Greet Model US Regulation” at CoinDesk.
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Steve Middlebrook advises start-up and established companies on a wide array of legal and business issues arising from the intersection of technological innovation and financial services. His prior experience includes being General Counsel at two FinTech companies, and a decade’s service at the U.S. Department of the Treasury.