Among the geekiest of potential new state laws – one that would exempt some types of bitcoin transactions from oversight by the state banking commission – is about to get its day in the Senate.
The bill passed recently out of the Senate Commerce Committee on a 3-2 vote, and is slated to be voted on by the full Senate on Thursday.
It is the latest step in a long tussle over how, if at all, consumers should be protected when using virtual currencies like bitcoin.
“Do you want the FAA examining the airline on the ground before it takes off, or do you want the TSA examining the black box after it crashes?” New Hampshire Bank Commissioner Jerry Little asked in testimony earlier this month before the Senate committee.
New Hampshire is one of the most active states in the country when it comes to using bitcoin and related technologies, thanks in part to advocacy by those related to the Free State Project. Even so, the virtual currency remains a minuscule part of economic activity and its future remains cloudy due to technical and legal issues and disputes within the international bitcoin community.