ULC

Committees

Regulation of Virtual Currency Businesses Act

Description

Virtual currency can be simply defined as a form of electronic value, the value of which depends on the market. It is not backed by government (so that it lacks status as legal tender). The interest in virtual currency arises because it is allegedly safer from hacking, often cheaper and faster, and has finality of payment. Virtual currencies have legitimate purposes and can be purchased, sold, and exchanged with other types of virtual currencies or real currencies. Some states, including New York and California, are currently examining ways to regulate virtual currencies, and others are soon to follow. In the absence of an overarching federal payments regulatory framework, these state laws need to be harmonized to the extent possible. This drafting committee will consider the need for and feasibility of drafting state legislation on the regulation of virtual currencies, and will examine issues such as licensing requirements; reciprocity; consumer protection; cybersecurity; anti-money laundering; and supervision of licensees.

Committee Members

Fred H. Miller Chair
Boris Auerbach Member
Thomas J. Buiteweg Member
William H. Clark Member
Thomas S. Hemmendinger Member
Kieran Marion Member
H. Kathleen Patchel Member
Keith A. Rowley Member
Edwin E. Smith Member
Charles A. Trost Member
Suzanne Brown Walsh Member
V. David Zvenyach Member
Cam Ward Division F Chair Member
Sarah Jane Hughes Reporter
Stephen Middlebrook ABA Advisor
Richard L. Field ALI Advisor
Liza Karsai Executive Director
Katie Robinson Staff Liaison