Cryptocurrency Legislation,bitcoin Foundation Says, Not Right Now!
Llew Claasen from Bitcoin Foundation and other members urged policymakers not to hurry with the draft cryptocurrency legislation.
These attempts have received a mixed reaction from the community as a poorly drafted law can spell the doom of Bitcoin and businesses that are using the cryptocurrency to develop innovative solutions.
Similar concerns are now being voiced by the Bitcoin Foundation as the Uniform Law Commission sets to meet and decide upon cryptocurrency legislation in the United States.
The Uniform Law Commission is presently in the middle of framing cryptocurrency laws that can be implemented by a majority of US states.
The appeal, in the form of a letter, addressed to the National Conference of Commissioners on Uniform State Laws, has Llew Claasen and other prominent personalities from the industry asking the members of the commission to refrain from adopting the "Uniform Regulation of Virtual Currency Businesses Act," in its current form.
The letter states, "We understand that you may be asked, during your meeting in San Diego, to approve a proposed uniform statute"Uniform Regulation of Virtual Currency Businesses Act." The Bitcoin Foundation urges you not to adopt this proposed model act.
Approving the act in its current form will discourage inclusive financial innovation arising out of blockchain technology and cryptocurrencies like Bitcoin.
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