Louisiana House Bill HR146

Louisiana 2019 Regular Session

• Introduced: 5/13/19
• Refer: 5/14/19
• Report Pass: 5/20/19
• Passed: 5/30/19

Caption

Requests the Office of Financial Institutions to study the licensure and regulation of virtual currency businesses

Impact

If implemented, the study's outcomes could lead to the introduction of licensure requirements for virtual currency businesses in Louisiana. The resolution suggests examining key areas such as consumer disclosures, capital adequacy, record keeping, enforcement, and bonding requirements to formulate a comprehensive regulatory strategy. By instituting effective regulations, Louisiana would aim to shield consumers from financial harm that may arise from inadequately regulated virtual currency operations.

Summary

House Resolution 146 calls upon the Office of Financial Institutions to study the licensure and regulation of virtual currency businesses in other states to assess which provisions could benefit the citizens of Louisiana. As virtual currency continues to gain traction in interstate commerce and as a means of payment for goods and services, the resolution recognizes the growing necessity for an appropriate regulatory framework. The intent is to ensure that Louisiana consumers are protected from potential risks associated with unregulated virtual currency operations.

Sentiment

The sentiment surrounding HR 146 appears to be largely supportive, as evidenced by the unanimous vote of 98-0 in favor of the resolution. This level of bipartisan support underscores a collective acknowledgment among legislators of the importance of consumer protection in the evolving landscape of digital currencies. Stakeholders, including existing virtual currency businesses in Louisiana, are expected to play a crucial role in shaping the regulatory recommendations.

Contention

While the resolution is primarily suggestive, there may be potential contention regarding the specific regulatory measures proposed following the study. Issues could arise over the balance between fostering innovation in the virtual currency sector and ensuring adequate consumer protections. Stakeholders may have differing views on the necessity, scope, and implications of regulatory controls, which could influence the final recommendations provided by the Office of Financial Institutions.