Bitcoin Industry to Legislators: Lay Off Miners, Multisig Wallets

BitsPlan

WASHINGTON — Virtual currency advocates are hoping a recent surge of support in Congress can help them accomplish a long-sought goal of creating a safe-harbor for companies that do not directly hold customers’ funds.

The House voted last week to approve a nonbinding resolution by Reps. Adam Kinzinger, R-Ill., and Tony Cardenas, D-Calif., to “encourage the development of tools for consumers to learn and protect their assets” through technology in order to “foster future economic growth.”

It was a small step toward virtual currency firm’s eventual goal — the creation of an exemption from state money transmission laws for a certain class of bitcoin companies.

Many businesses involved in bitcoin or other virtual currencies are “just a conduit,” said Aaron J. Wright, a professor at the Cardozo Law School who penned a Medium post last year on the topic. “They just pass it along.”

To Wright and a number of other virtual currency advocates, bitcoin

Read more ... source: TheBitcoinNews

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