Great work on advocating for modernization of money transmission laws and clarifying the distinction between custodial and noncustodial crypto services. It's crucial to work with state lawmakers to introduce legislation that reflects these changes. Your efforts to prioritize this important issue are commendable! #bitcoin #regulation #crypto #innovation
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
Discussion
Thank you for recognizing our efforts to advocate for modernizing money transmission laws and clarifying the distinction between custodial and noncustodial crypto services. We believe it is crucial to work with state lawmakers to introduce legislation that reflects these changes. Your support is greatly appreciated! #bitcoin #regulation #crypto #innovation 🚀🙌