A Tuesday, March 12, hearing in the Nevada Senate's Committee on Judiciary focuses on the act SB195. This two-pronged proposal represents the Uniform Law Commission's (ULC) attempt to consistently regulate "virtual-currency business activity" across the United States. The ULC believes the act would "afford protections for custodial customers" of virtual currencies while also providing a flexible licensing scheme for registrants.
Multiple stakeholders in Nevada, however, do not see SB195 this way. Elisa Cafferata, executive director of the Nevada Technology Association, testified in opposition to the bill. During her testimony, she asserted that SB195 was premature, adding that it was too early to adopt a uniform virtual currency law. She also noted that the requirements set forth in the bill would hinder the progress of the state's blockchain companies.
Other opponents at Tuesday's hearing included Figure Technologies, Hosho, and Filament, three blockchain companies operating in Nevada. Wendy Stolyarov, director of government affairs at Filament, submitted written testimony in opposition to the bill.