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House Commerce committee advances virtual currency licensing and kiosk safeguards
Summary
The committee reported Senate Bill 163 (virtual currency business licensing) and Senate Bill 287 (virtual currency kiosks) favorably after adopting amendments that add a federal-preemption trigger and tighten consumer-protection requirements including refund windows, live support and OFI reporting.
The House Commerce Committee on May 11 reported two measures aimed at regulating virtual-currency businesses and kiosk operators, moving both to the next stage with amendments intended to protect consumers.
Senate Bill 163, presented by Senator Reese, keeps Louisiana’s licensing regime for virtual-currency firms in place but adds an amendment that would allow federal law to preempt the state framework if a national licensing standard is enacted. "Rather than continue to reset the sunset date... adopting this amendment, we'll just basically have a…
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