Coin Center: State Bank Supervisors Proposal Good for Lawyers, Bad for Consumers and Innovators



The Conference of State Bank Supervisors (CSBS) released its model framework for states to use in designing regulations and made it clear it wants to see state governments take a proactive and rigorous approach to licensing and supervising “virtual currencies” businesses.

The Conference report said:

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“…CSBS concluded that activities involving third-party control of virtual currency, including for the purposes of transmitting, exchanging, holding, or otherwise controlling virtual currency, should be subject to state licensure and supervision.”

Coin Center, a Washington based-advocacy group for digital currencies, voiced their objections, saying the conference started out with good intentions but didn’t follow through in this final report.

Peter Van Valkenburgh, Coin Center Director of Research, said:

“Unfortunately, we’ve strong

Read more ... source: TheBitcoinNews