The United States continues to divide over the issue of cryptocurrency generally and bitcoin in particular. Idaho and Alaska issued crypto investment warnings, while Iowa Insurance Division cautions against the digital asset ?쐆igh risk,and Utah announces ?쐓camscares. Illinois bucks the worrywarts, however, and is instead crafting legislation that would welcome crypto businesses and innovation.
Illinois Wants No Part of New York Bitlicense Overregulation
In a trend-bucking move, legislators in the midwest state of Illinois are trying to craft legislation that would help the state welcome what some in their ranks see as an innovation. ew York went in and over regulated [bitcoin] and what ended up happening was a lot of those companies left the state,representative Jaime Andrade reminded.
Mr. Andrade was responding to a bureaucratic report declaring bitcoin to not be a currency. It just so happens Mr. Andrade is the Chair of the state House Committee on Cyber Security. He even, with colleague Mike Zalewski, set up a crypto subcommittee to help better educate the public.
Illinois is also home to the city of Chicago, Frank Sinatra kind of town. Birthplace of Jazz. The state was the first to use electric street lighting, and it generates more nuclear power than any other in the US. The state knows cool and useful.
?쏻ith myself and Zalewski working on this together,he continued, ?쏧 think we will be able to make sure we protect the consumer, but at the same time, we work with the companies and all the other organizations to make sure the state of Illinois is an inviting environment for this type of technology./span>
For his part, Mr. Zalewski says: ?쏻e are under tremendous pressure in this state to make government more efficient,presumably referencing bitcoin blockchain database. ?쏷his technology has the opportunity to help remake government. That what we?셱e interested in./span>
And Chicago, of course, is home to the first bitcoin futures contracts (Cboe and CME). Illinois is well familiar with cutting edge innovation. ?쏷he goal of this is not to regulate it in a way that going to make people uncomfortable to use it in the future,Representative Zalewski urged.
The Usual Cannards and Half Truths
Meanwhile, Alaska and Idaho each issued separate warnings about cryptocurrencies. In Idaho, regulators worry too few of its inhabitants fail to ?쐅o beyond the headlines and hype to understand the risks associated with investments in cryptocurrenciesbefore plunking down their hard earned cash.
Alaska regulator believes its citizens are just plain confused. ?쏻hat exactly do I get for my investments?the regulator asks. ?쏻ill it be tangible? Is it kept in some sort of a blockchain? And if it in a blockchain, what is a blockchain and how does that operate with your investments?That, or there might?셶e been a contest for how many times a bureaucrat could weave the word blockchain into a quote.
In Iowa, regulators caution: ?쏧nvesting in cryptocurrencies is not for the faint of heart,they insist. Cryptos have n unproven track record and carry a high risk of fraud that should cause consumers to be cautious.img class=”alignright wp-image-97096 size-thumbnail” src=”https://news.bitcoin.com/wp-content/uploads/2018/01/man_file_1058822_signs5-150×150.png” alt=”United States of Bitcoin: Illinois Gives Crypto Love While Other States Hate” width=”150″ height=”150″ />
Finally, Utah minders urge ?쏹tah reputation as a technically savvy and connected state makes our population ripe for crypto-currency fraud,and yet, while ?쐇t a compliment to our population for being plugged into what trending, internet hype can lead to rash decisions
What do you think about Illinois? Tell us in the comments below!
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source : news.bitcoin.com