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An Overview of U.S. Crypto Regulations (Except NY & WY)
New York and Wyoming gained media attention in 2020 for their crypto legislation, leading the way for other U.S. states to address their blockchain policies.
Updated December 7, 2021 • 1 min read
Summary
While New York and Wyoming may have enacted the most widely discussed U.S. crypto regulations in the country, many U.S. states have updated, or are in the process of updating their money transmitter laws to encompass blockchain technology, have established working groups for research purposes, or have created a regulatory sandbox for testing innovative technologies.
Note: The information contained in this article does not include every cryptocurrency regulation that has been enacted in each state. The states cited here were randomly selected to provide examples of U.S. laws that address blockchain technology.
Arizona
Arizona enacted H.B. 2417, its first blockchain law, in 2017. It allows for enforceable legal agreements to be created via smart contracts, which are composed of self-executing code based on preset conditions on a blockchain. As blockchain and artificial intelligence (AI) are further integrated into apps and other systems, the enforceability of smart contracts may become the subject of future legal disputes nationwide. Note that Tennessee enacted a similar law, S.B. 1662, in 2018.
Also, in H.B. 2602, Arizona asserted that towns and cities cannot prohibit individuals from running nodes on blockchain technology in their residences. This law protects node operators in Arizona.
Colorado
Colorado has also built out crypto regulations. The state enacted 8 CCR 1505-6 to grant political candidates the ability to accept cryptocurrency for campaign donations (up to the acceptable individual limit). Donating via cryptocurrency can add an additional level of privacy for donors; however, Colorado politicians cannot accept donations of more than $20 USD from anonymous donors.
Minnesota
Minnesota may take the position opposite of Colorado’s by prohibiting cryptocurrency donations altogether. H.F. 2884, the bill stating that politicians cannot accept cryptocurrency donations, has been introduced, but not yet voted on.
Delaware
Delaware was one of the first states to pass U.S. crypto regulations. It passed Senate Bill 69 in 2017, stating that corporations can use blockchain technology “for the creation and maintenance of corporate records, including the corporation’s stock ledger.”
Senate Bill 69 opens the door for decentralized autonomous organizations, also known as DAOs, to be legally incorporated in the United States.
The Future of U.S. Cryptocurrency Regulations
While states like New York and Wyoming have taken the lead, crypto laws and regulations are now being written and adopted organically across the U.S. — and this momentum may very well lead to a nationwide framework in the future.
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