A week after their first meeting, the “Commission to Study Cryptocurrency” has made their official recommendation to the full legislature. In the conclusion of this week’s meeting, commission chairman and state representative John Hunt of Rindge said, “Some states have done a lot of regulation. New Hampshire has chosen the seemingly most de minimis regulatory authority of what all the states have done. Obviously, the maximum de minimis would be to repeal what we’re doing and that can be left up to the next legislature. But at this time, this committee will take no position on what is the right answer.”
However, when asking each commission member what they want to do, representative Barbara Biggie of Milford said her concern is that regulation will “snuff the industry, the cryptocurrency industry in New Hampshire and around the country, so I think we should stay out of it right now, regulating-wise”. Hunt asked Biggie if she’d sponsor a bill to repeal the lone existing regulation which authorizes the banking department to license businesses as “money transmitters” who transmit “convertible virtual currency”, and she said she would!
While banking department representative Maryam Torben-Desfosses claimed they are not considering Bitcoin Vending Machines or businesses or individuals who accept and spend bitcoin as “money transmitters”, that did not assuage the concerns of the bitcoiners in the room. Those who attended the previous meeting were surprised at Desfosses’ claim that attendees at the last meeting saw value in the banking department’s regulation. Just in case the state representatives also misremembered the last meeting’s public comments, the people at this meeting (which included new faces from last time) again spoke firmly against any regulation whatsoever.
It’s frequently said that working inside the system is a waste of time, but in New Hampshire many state reps will listen to you and showing up and being heard absolutely made a difference here. That said, we need more liberty-oriented crypto-enthusiasts to move here and get active. Please join the Shire Society today and start planning your move to New Hampshire.