On Friday, New Hampshire’s new governor Chris Sununu signed a bill, HB 436, which makes NH the first state to explicitly protect cryptocurrency like Bitcoin from regulation!
This is a historic day and this move clearly positions New Hampshire as the most bitcoin-friendly state in the United States. NH was already the #1 most free state according to the “Freedom in the 50 States” study and this makes it even more free. New Hampshire also now stands in even more stark contrast to New York, the least free state, since New York a couple years ago did the opposite and attacked cryptocurrency businessess with their oppressive “bitlicense”, which drove bitcoin businesses OUT of NY. Now those businesses can escape safely to NH as this just-passed bill offers them a safe haven from the ravaging, destructive effects of government interference.
Persons who engage in the business of selling or issuing payment instruments or stored value solely in the form of convertible virtual currency or receive convertible virtual currency for transmission to another location.
Liberty Lobby‘s Darryl W Perry, who headed up a campaign to contact the governor about this issue said, “After nearly three years of trying to get virtual currency explicitly exempt from money transmitter laws in the Live Free or Die State, I am happy to see this first major obstacle cleared.”
In 2015, a bill (HB 666) was passed that spooked many in the international bitcoin community as it added cryptocurrency to the “money transmitter” statutes. This caused at least one bitcoin business to cease doing business with customers in New Hampshire and quite a bit of buzz about New Hampshire losing its vaunted crytpo-friendly status. How did this happen in a state with the largest concentration of bitcoin enthusiasts per capita? Honestly, we were caught off-guard, but now that’s all changed. In 2016 a state house committee to study cryptocurrency was formed, whose meetings I attended and video recorded.
Representative Barbara Biggie of Milford, Sponsor of Bitcoin Protection Bill
After hearing from multiple NH bitcoiners in the committee meetings, state representative Barbara Biggie stepped up and filed this bill. As Darryl and I pointed out at the hearing, the bill as filed wasn’t quite what we’d hoped for. It created a new definition and exemption for “virtual currency” in the statutes, but still left in statutes a definition and regulation for “convertible virtual currency”. We explained to them that this was confusing and they should be striking the regulation for “convertible virtual currency” rather than creating the additional terminology.
You know what? They listened AND did us one better! The commerce committee amended the bill and turned it into the best possible protection for bitcoin businesses in New Hampshire! (more…)
Liberty Lobbyist Darryl W Perry, along with me and others from the Keene area went to the state house this week and last to testify on more legislation. The hearings are slowing down for the year, so we don’t have as much to show, but here are the videos:
SB 3 would make registering to vote more difficult for some people, like college students. Darryl W. Perry spoke against it in an exhaustive six-hour public hearing in the full state house chamber. Here’s just his testimony:
The New Hampshire house of representatives recently passed a historic Bitcoin protection bill, that if it makes it through the senate and governor will make New Hampshire the opposite of New York. New York is infamous for its “bitlicense” regulations that drove multiple bitcoin businesses out of the Empire State. In contrast, New Hampshire, if this bill passes, would become a state with explicit protection against regulating Bitcoin businesses as “money transmitters”.
Last week, HB 436 had its public hearing before the senate commerce committee and a bunch of bitcoiners from across the state came out to sign and testify in favor of the bill, which would help ensure Bitcoin businesses continue to launch in and relocate to New Hampshire. It would further solidify New Hampshire’s place in the world as a cryptocurrency hotspot.
The speakers in favor far outnumbered those speaking against, which was really only the NH banking commission, who obviously does not want to lose hold of any of their precious power.
Those who spoke were on point and did a great job communicating with the senators on the committee. Turns out that two of those senators, Andy Sanborn and chairman Daniel Innis both already own bitcoin!
Will the bill pass the senate and be signed by the governor, or will the banking bureaucrats pull out all the stops to crush it? Stay tuned here to Free Keene for the latest on the NH Bitcoin scene.