A bit of regulation for Bitcoin in NC?

NCGA is the first state legislature seeking to regulate Bitcoin.

HB 289, is a 16 page bill that would regulate Bitcoin processors as 'money transmitters.' It passed the House and is under consideration by the Senate.

Rumor has it the bill's sponsor, Rep Steve Ross (Alamance, R), is acting on behalf of the NC Banking Commission. Rep Ross is a Vice President & Investment Officer at Wells Fargo Advisors.

Some believe this bill will validate Bitcoin in the marketplace as a medium of exchange. Licensing and regulation for transfer agents and posting a bond to prevent loses such as occurred under Liberty Reserve and MtGox can be viewed as a positive step towards acceptance of the Bitcoin by the state and mainstream banking entities. Some will be unhappy to see the Bitcoin lose its Libertarian roots and be absorbed into the realm of the regulated. They have a petition going, (http://bitcoinregs.org) if you want to tell NCGA NOT to regulate the Bitcoin.

I don't own any!

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