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New Hampshire is on the verge of becoming a national leader in cryptocurrency if its legislature follows through on recommendations made by a commission appointed by Governor Chris Sununu. The recommendations would establish a legal framework for blockchain and crypto businesses in the state, providing clarity and certainty to entrepreneurs and regulators while avoiding the onerous and largely pointless special rules federal regulators and members of Congress want to impose on the industry. The proposed rules would also protect consumers, depositors and investors.
Blockchain businesses presently exist in something of a legal gray area in the United States. Congress has provided little guidance to the regulatory agencies, resulting in confusion and difficulties in maintaining compliance. This adds unnecessary costs and sometimes causes companies to do contradictory things. Responsibility for regulating the companies is split between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Top 10 states with the highest percentage of people owning crypto as of 2021. Source: Coinbase (NASDAQ:COIN)Brendan Cochrane is a partner at YK Law LLP, where he focuses on blockchain and cryptocurrency issues, and an adjunct professor at Suffolk University Law School teaching Blockchain, Cryptocurrency and the Law. He is also the principal and founder of CryptoCompli, a startup focused on the compliance needs of cryptocurrency businesses.
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