The Fifty U.S. States and Cryptocurrency Regulations

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The Fifty U.S. States and Cryptocurrency Regulations

“In the United States, virtual currency, such as Bitcoin and other similar coins, and virtual currency exchanges have been subject to federal regulations, with taxation and financial crimes the most prominent regulatory issues. However, it is at the state level that regulation of virtual currency has been most contradictory. The U.S. states have mixed responses to the emergence of cryptocurrency. Some of the states have ignored cryptocurrency by not implementing or amending any laws that address virtual currency. However, other states have taken action with some states somewhat hostile towards virtual currency while other states are more welcoming. In a number of states, the response towards cryptocurrency is currently ambiguous with no actual position taken. This discussion will attempt to categorize regulations by restrictions placed on virtual currency and identify states by category of regulation. In addition, the implications and effects of widely divergent state level legislation and regulations will be examined.”