Nebraska Aims to Regulate Virtual Currency

Nebraska has put two new bills on the table, neither one are friendly to bitcoin or other virtual currency.

On January 8th, the "Nebraska Virtual Currency Money Laundering Act" (VCMLA) was introduced and then just 3 days later an additional proposal to adopt the Uniform Law Commission's (ULC) "Uniform Regulation of Virtual-Currency Businesses Act" (URVCBA).

Legislature Bill LB691 proposes the VCMLA and would make the use of virtual currency a felony if a transaction is used in a financial crime. If enacted the the bill will amend:

"...sections 8-2701 and 8-2715, Revised Statutes Cumulative Supplement, 2016, and section 28-101, Revised Statutes Supplement, 2017; to adopt the Nebraska Virtual Currency Money Laundering Act; to provide penalties; to define and redefine terms under the Nebraska Money Transmitters Act; to harmonize provisions; and to repeal the original sections."

Bill LB987 proposes the adopt the URVCBA drafted and approved by the ULC, a commission of attorneys and regulators who draft regulations for unified adoption by all states. However, this is never the case as it is up to individual states to adopt or not adopt any ULC draft regulation. 

For example, the ULC "Money Services Act" is adopted by only 11 jurisdictions.

Nebraska was previously a friendly state for virtual currency, however with the two new bills, Nebraska moves to cautionary. This coming after the busiest year to date for state regulation of blockchain and virtual currency. 

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