5 Notable U.S. States That Are Open to Crypto Regulations

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5 Notable U.S States That Are Open To Crypto
Regulations

• As we know, blockchain and cryptocurrencies are
  the two most disruptive innovations that have
  taken the world by storm. In this article, we
  will talk about the five notable U.S. states
  welcoming crypto regulations.

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• Five Most Crypto-Friendly American States
• Some of the American states that have fair
  regulations in place for cryptocurrencies are

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1- Colorado

• As far as cryptocurrencies are concerned, Bitcoin
  seems to be on top of Colorado's priority list.
  Colorado has started paving the way for the
  crypto industry. In May 2018, Senate Bill 086 was
  signed. This required the Department of State,
  the Governor's Office of Information Technology
  (OIT), and the Department of Regulatory Agencies
  to consider using blockchain to protect
  confidential state records from theft and
  manipulation.

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• In March 2019, The Colorado Digital Token Act was
  signed by the Colorado Governor. It is a bill
  that aims to exempt cryptocurrencies from certain
  securities regulations, like the legislation in
  Wyoming. Effective from 2 August, certain digital
  assets that were actually designed for
  'consumptive purpose' will now qualify for
  securities exemptions.

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• This bill will help Colorado's state agencies
  regulate the Initial Coin Offerings (ICO) market,
  as the Colorado Division of Securities has been
  banning bad actors. Colorado has also blockchain
  to other fields. Before the Digital Token Act, in
  2018, the mobile voting solution was deployed
  during the primary and midterm elections of West
  Virginia.

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1- Colorado

• As far as cryptocurrencies are concerned, Bitcoin
  seems to be on top of Colorado's priority list.
  Colorado has started paving the way for the
  crypto industry. In May 2018, Senate Bill 086 was
  signed. This required the Department of State,
  the Governor's Office of Information Technology
  (OIT), and the Department of Regulatory Agencies
  to consider using blockchain to protect
  confidential state records from theft and
  manipulation.

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2.Ohio

• Ohio still has a long way to go before it becomes
  a federal crypto hub in the U.S., but one can
  sense its ambitions as they are evident.
  Following the legal recognition of blockchain
  data in August 2018, lawmakers of the Buckeye
  State proposed using blockchain technology for
  marriage licenses and birth certificates and to
  work with universities so that they can offer
  blockchain-related courses to students.

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• Ohio has advanced greatly in one filed which is
  taxes paid in crypto. From November 2018, local
  companies have been paying everything right from
  cigarette sales taxes to employee withholding
  taxes using Bitcoin (BTC) after registering on
  the OhioCrypto.com website.

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3. Texas

• This was the first state that published a
  memorandum to declare that no money transfer
  license would be required for selling Bitcoin or
  other digital currencies. But Texas cannot be
  given the credit of being the most
  crypto-friendly place as Texas was on the verge
  of passing a bill in early 2019 that would have
  resulted in a ban over the usage of
  cryptocurrencies between unidentified parties.

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• There are many crypto mining enterprises in the
  business-friendly state of Texas, like TMGCore.
  The cooling technology of TMGCore allows it to
  run mining rigs efficiently even during extreme
  summers. In other states such as New York and
  Washington, where mining is known to be
  cost-efficient, they have intentionally increased
  electricity costs for crypto businesses. Overall,
  this makes Texas a safer bet.

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4.California

• In 2014, California was one of the first states
  to bring about a form of crypto regulation as the
  Governor of California signed a bill that ensured
  that "various forms of alternative currency such
  as digital currency" are legal in transmitting
  payments and purchasing goods.

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• Some of the biggest U.S. crypto companies such as
  Coinbase, Kraken, and Ripple are headquartered in
  California. The lack of certain regulations in
  California can be looked at as a blessing in
  disguise as local businesses are not hurdled with
  overly restrictive measures.

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• California will soon be catching up with Wyoming
  and the other states. Earlier in August,
  California Government Operations Agency Secretary
  announced the chair and members of the blockchain
  working group that was created in 2018. According
  to the document, the task force must submit a
  report on the potential risks, benefits, and uses
  of blockchain to the state government by 1 July
  2020.

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5.Wyoming

• Wyoming has always proved to be the undisputed
  leader in terms of crypto-friendly areas of
  America. The state of Wyoming put itself on the
  crypto map in 2018 a bill was passed by the
  Wyoming House of Representatives that defined
  utility tokens and exempted those of them that
  are not marketed as an investment opportunity
  from securities regulations.

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• Wyoming, by authorizing banks to administer
  digital assets, helps them to comply with the
  Securities and Exchange Commission's regulations
  for 'qualified custodians.' This will prompt even
  those who are not tech-savvy to enter the crypto
  market.

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Conclusion

• I hope you have now gained a fair understanding
  of some of the American states with
  crypto-friendly regulations. To enroll in
  blockchain certifications and become a blockchain
  expert, check out Blockchain Council.

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