CoinStructive’s Letter to the Uniform Law Commission (ULC) regarding the Virtual Currency Business Act

On Monday morning, July the 17th, I attended the Uniform Law Commission (ULC) annual meeting. I was able to listen to the commissioners finish reading the draft of the Virtual Currency Business Act. I returned later that evening when commissioners made comments and motions to amend or clarify discrepancies prior to a vote, which was to occur, Wednesday July 19th. A “yes” vote would mean the Act would be distributed to State legislators, who would take the model act back to their respective states and attempt to pass the act into law. A “no” vote would mean the commissioners did not feel the act was ready for law and it would go back into the pile to be reworked and voted on again next year.

Policy and law are not arenas where I normally toss around my hat. I had some extraordinary circumstances that led me to become involved, form an opinion and take a stance. Until a few months prior, I had not even heard of the ULC or the Virtual Currency Business Act. During the last two years I could have attended one of their 6 drafting meetings in order to submit comments and suggestions as an Observer. It has always been a best practice of mine to act after I’ve heard the story from both sides. So this week I listened to concerned community members, advocacy groups, State Commissioners and the drafting committee members of the Virtual Currency Business Act. I clearly understood both sides and would not be surprised by either a yes or no vote.

My decision was difficult to reach, but one I feel strongly about. Please see the letter below.

View or download the letter here

***Update***   It has been confirmed, the ULC passed the Virtual Currency Business Act on July 19th, 2017.