yael on Nostr: Money transmission laws, set by states, need modernization, clarifying that ...
Money transmission laws, set by states, need modernization, clarifying that noncustodial crypto services DO NOT fall under MSB territory.
At the same time, for the remaining custodial services, it should be made as easy as possible to acquire one of these licenses.
I wrote model language for a state-level bill for reciprocity of Money Transmitter Licenses, and I will expand it ensure noncustodial services would not fall under MTL within that language. Working with state lawmakers to introduce where I can.
This is the stuff that matters, and I hope many bitcoiners stop supporting unenforceable "feel good" bitcoin bills in states that do nothing. States have dominion over money transmission rules and enshrining into law the non-application for noncustodial services should be a priority.
https://github.com/yaeloss/Bitcoin-Model-Policies/tree/main/Smart-Cryptocurrency-Rules-Act
At the same time, for the remaining custodial services, it should be made as easy as possible to acquire one of these licenses.
I wrote model language for a state-level bill for reciprocity of Money Transmitter Licenses, and I will expand it ensure noncustodial services would not fall under MTL within that language. Working with state lawmakers to introduce where I can.
This is the stuff that matters, and I hope many bitcoiners stop supporting unenforceable "feel good" bitcoin bills in states that do nothing. States have dominion over money transmission rules and enshrining into law the non-application for noncustodial services should be a priority.
https://github.com/yaeloss/Bitcoin-Model-Policies/tree/main/Smart-Cryptocurrency-Rules-Act