K&L Gates Discusses the Virtual-Currency Businesses Act and Coming Cryptocurrency Regulation

The Uniform Law Commission (“ULC”) is an organization focused on developing and preparing “non-partisan, well-conceived, and well-drafted” state legislation in areas of state law where there is a perceived need for uniformity. In practice, once the ULC releases proposed state legislation in any particular area (such as abandoned property or arbitration), it is not unusual for multiple states to adopt the ULC legislation. That is why we must pay attention when the ULC releases a proposed law regulating virtual, digital, or crypto currencies.[1]

On October 9, 2017, the ULC released the final version of its Uniform Regulation of Virtual-Currency … Read more