Two bills related to cryptocurrency were introduced to the Massachusetts House of Representatives.
The first bill was for the creation of a special commission on blockchain technology, and the second was for protecting consumers in cryptocurrency exchanges.
The bill for the special commission outlines the formation of a 25-member group that will investigate blockchain technology and its potential impact on the state of Massachusetts.
The commission is to be taken seriously, as it will include the House Speaker, the minority leader, and the president of the Senate.
The second bill is intended to protect Massachusetts customers who use cryptocurrency exchange services. The bill requires crypto exchanges to pay an annual “Registration fee” of 5% of gross revenues, as well as retain any advertising materials used to promote cryptocurrency for at least seven years.
Furthermore, all marketing must include the business’s legal name and its registration to operate a cryptocurrency business.
Lastly, the bill requires exchanges to disclose all material risks associated with virtual currency business activities.
The introduction of these two bills shows the desire for consumer protection in the world of cryptocurrencies, and it remains to be seen if they will pass and become law.
