NJ Senate Bill 3132 - Crypto Regulation Bill Submitted

Last Thursday NJ Sen. Nellie Pou (D.-35), introduced a bill known as the "Digital Asset and Blockchain Technology Act" which is similar to the BitLicense legislation put forth by NY in 2015.  The proposed legislation known as Senate bill 3132, seeks to regulate cryptocurrency service providers under the oversight of the N.J. Department of Banking and Insurance.  Once passed the proposed law would require the issuance of a license for any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services.   What happens if Businesses don't comply by getting a License they face a stiff $500 fine assessed until license is filed for.  Currently the environment for NJ House approval is unknown in the Garden State, nor is the stance of the NJ Governor known.

My take is that this is just a 'Regulation' framework to start capturing revenue so they can gauge Crypto interest by citizens and businesses. It will take more time to learn IF the state of NJ evolves into the Crypto realm.  This would be a top down approach which we need more awareness at all levels of US Gov (Local, State & Federal level).

Enjoy the Journey!