New Hampshire’s Bill to Deregulate Bitcoin Effective Next Week
New Hampshire House Bill 436 is slated to take effect next week on August 1st. The bill exempts bitcoin from regulatory action and prevents New Hampshire bitcoin businesses from having to register as a money transmitter. The bill flies in the face of previous New Hampshire regulation that targeted bitcoin for harsh regulation. The bill was signed by New Hampshire governor John Sununu on June 2.
Bitcoin.com wrote about the bill back in June, saying, “The bill provides bitcoin with clear protection from debilitating and Orwellian regulations. The bill states that anyone who uses a “virtual currency” is exempt from having to register as a money transmitter. This is important news for a State that vouches for being one of the freest places to live in the U.S. ”
Freedom Mentality in New Hampshire; Divided Politicians
Previously in New Hampshire, a bill was introduced that added bitcoin to the money transmitter status. As a bill that reduced people’s economic freedom, this piece of legislation came as sort of an embarrassment to local activists. However, it appears the activists and politicians who supported it simply were not prepared. Ian Freeman, writing for Free Keene, expressed this view:
How did this happen in a state with the largest concentration of bitcoin enthusiasts per capita? Honestly, we were caught off-guard, but now that’s all changed. In 2016 a state house committee to study cryptocurrency was formed, whose meetings I attended and video recorded…This is further proof of the effectiveness of the active, growing libertarian migration to New Hampshire, many of whom are bitcoin/crypto enthusiasts.
Even though HB436 is now being passed with enthusiasm and joy across most of the State, not everyone in government agreed with the bill. The House of Representatives and Senate in New Hampshire were divided. Their decision was based on a 185 to 170 vote. Allegedly, several bankers and New Hampshire officials spoke against the bill, saying it would impede their jobs, making it more difficult to detect fraud and apprehend criminals.
Is a deregulated Bitcoin a good thing? Do you think other States will follow the example set by New Hampshire? Let us know in the comments section below.
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