States’ backlash against Binance.US continues with 6th license pulled

May 1, 2024 Coin Telegraph

North Carolina House passes bill to commission study on holding Bitcoin

June 29, 2023 Coin Telegraph

bill

The study would examine the possible impact of holding crypto and how the state would custody digital currency.

A bill that would see North Carolina’s Department of State Treasurer study the feasibility and benefits of the state holding Bitcoin (BTC) has passed the lower house of the General Assembly.

On June 28, the North Carolina House of Representatives passed the bill which would commission a $50,000 study to examine “acquiring, securely storing, insuring, and liquidating” both gold bullion and “virtual currency [...] such as Bitcoin.”

The study would investigate what impact gold and cryptocurrency holdings would have if North Carolina held part of its funds in crypto and gold.

Specifically, it would research if such holdings would hedge against inflation and “systemic credit risks,” and if gold and crypto could reduce volatility, increasing the state’s portfolio returns.

Another #Bipartisan Victory in NC w/ passage of HB721 | #Bitcoin/#DigitalAssets/Custody Study Bill

-Passed 75-38
-GOP + Dems Came Together
-Directs/Funds @NCTreasurer to Study Benefits of #BTC + #Custody
-Led by @NC_Blockchain + @SoundMoneyDef

https://t.co/0veKPZlbVJ pic.twitter.com/nNYUbfmJd1
— Dan Spuller (@DanSpuller) June 28, 2023

The bill mulls potentially creating a state-administered depository for crypto that would see North Carolina as the custodian of its digital asset holdings.

The study would, however, examine the costs and benefits of using a “privately managed depository or another state’s depository.”

The 120-member House passed the bill, with 73 voting in favor, 40 against and seven absent.

The bill must pass the Senate before it’s either signed into law or vetoed by Governor Roy Cooper.

On May 3, North Carolina’s House unanimously passed a bill that would prohibit payments to the state using a central bank digital currency (CBDC).

The bill stipulated the United States Federal Reserve would also be barred from using North Carolina to test any future pilot CBDC.

The day before, on May 2, a one-year moratorium on crypto mining was passed by the Board of Commissioners for Buncombe County in North Carolina.

Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’

Argentina says no to crypto payments, France tolerates ‘finfluencers’: Law Decoded, May 1–8

May 8, 2023 Coin Telegraph

Argentina

Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets.

Last week brought several significant international developments in regulation. Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets. While local payment providers refuse to comment on the decision, Argentina’s fintech chamber urged the government to reconsider, claiming that “it limits access to a technology that offers multiple benefits and opportunities for our society.”

In France, the Senate Committee on Economic Affairs approved an amendment allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes. The new wording would allow companies registered with France’s Financial Markets Authority to hire product influencers.

Meanwhile, Nigeria is preparing new industry regulations for digital asset platforms. The Nigerian Securities and Exchange Commission (SEC) is considering allowing licensed digital exchanges to list tokens backed by specific assets, including equity, debt and property. The SEC also aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers and tokenized coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto market.

White House to build international standards for DLT

The United States Government released the national standards strategy for key and emerging technologies, with blockchain being one of them. The national strategy suggests that distributed ledger technology (DLT) and digital infrastructure would increasingly impact and be widely used in the economic sector. Some key areas where these technologies will be actively tested include automated and connected infrastructure, such as smart communities and the Internet of Things. DLT can be especially useful in building cybersecurity and privacy-based features and services.

North Carolina House passes bill banning CBDC payments to the state

The North Carolina House of Representatives has unanimously passed legislation prohibiting payments to the U.S. state using a central bank digital currency (CBDC). The latest version of the legislation aims to prohibit individuals from using CBDCs for any payments to the state. It also bars the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot. The bill will now move to the Senate, where it must pass before being signed into law or vetoed by Governor Roy Cooper.

Montana governor signs pro-cryptocurrency mining bill into law

Montana Governor Greg Gianforte has signed a bill into law essentially preventing local governments in the state from passing laws prohibiting cryptocurrency mining. The legislation effectively enshrines crypto miners’ rights in the state by revising existing laws, prohibiting discriminatory electrical rates for mining firms and not allowing taxation for crypto used as a payment method. It was introduced partly as a preventive measure in response to certain proposals in other states.

North Carolina House passes bill banning CBDC payments to the state

May 4, 2023 Coin Telegraph

CBDC

The latest version of the legislation included limiting the Federal Reserve from using the U.S. state as a potential testing ground for its own CBDC pilot.

The House of Representatives for North Carolina has unanimously passed legislation aimed at prohibiting payments to the U.S. state using a central bank digital currency, or CBDC.

In a May 3 vote, 118 members of the state’s legislative body agreed to pass House Bill 690, with only two representatives absent and none voting against the bill. The latest version of the legislation aimed to prohibit individuals from using CBDCs for any payments to the state, as well as bar the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot.

North Carolina lawmakers introduced the bill to the House in April, where it stayed in committee before readings and a full vote. The legislation proposed amending statutes to require “no State agency nor the General Court of Justice” accept payments using CBDCs or participate in Fed testing of a digital dollar.

BREAKING: #NorthCarolina House Unanimously Passes HB690: Banning Payments in #CBDC's & Prohibiting NC Participation in Any CBDC Testing

https://t.co/YoDtAvMyVJ

-Referred to State Senate
-Thank you all who worked on this in record time#NCPOL #Bitcoin #Multistate #Tech pic.twitter.com/ReWJGZ82XB
— Dan Spuller (@DanSpuller) May 4, 2023

The legislative push against CBDCs seems to be becoming more politically relevant ahead of the 2024 elections in the United States. In March, Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the U.S. presidential race — called for a CBDC ban in the country, claiming the technology was all about “surveilling Americans and controlling behavior of Americans.”

At the federal level, Representative Tom Emmer and Senator Ted Cruz have both introduced separate bills aimed at restricting the Fed’s authority over CBDCs or proposing an outright ban. Robert F. Kennedy Jr., another U.S. presidential hopeful, has claimed that CBDCs could “grease the slippery slope to financial slavery and political tyranny.”

The North Carolina bill will move to the Senate, where it must pass before being signed into law or vetoed by Governor Roy Cooper. The Board of Commissioners for North Carolina’s Buncombe County also approved a one-year moratorium on crypto mining on May 2.

Magazine: Are CBDCs kryptonite for crypto?