Thanks for posting that Ken! It will be interesting to watch how this unfolds. Below is part of an article from brave new coin on the subject:



AB1326 was met with mixed reviews. The Electronic Frontier Foundation had “philosophical issues with” with the bill. “Both the type of regulatory scheme it’s proposing as well as the timing of this regulation in relation to the development of new virtual currency technologies—and we also have concerns about how the bill is technically written.”

However, Jerry Brito Executive Director of Coin Center, was in full support of an improved version: “Bottom line: it’s not a choice between this bill and no regulation; it’s a choice between the sensible regulation in AB 1326—even if it could be improved—and the ill-fitting regulation of the Money Transmission Act.”

“If this bill fails, we may end up with the aggressive and industry-stunting regulation that we’re all seeking to avoid. And if this bill fails, we’d also lose the best bill we’ve seen that could be a model for other states and a counterweight to the BitLicense.”

- Jerry Brito, Coin Center Executive Director

 

The California bill was eventually shelved, and now the Uniform Law Commission (ULC) are taking the initiative. The ULC is designed to bring clarity and stability to areas of state and statutory law.

The ULC is currently headquartered in Chicago and has produced more than 300 uniform acts, which focus on critical topics, including commercial law, family and domestic relations law, and estates. The commission consists of approximately 350 commissioners.

The signature product of the commission was the Uniform Commercial Code, which took ten years to complete. Enacted in the ‘40s, the code is a comprehensive set of laws governing commercial transactions between U.S. states and territories. These transactions include borrowing money, leases, contracts, and the sale of goods, which lead to a partnership with the American Law Institute. 14 years later, it had been enacted in every state of America.

Now firmly focused on 21st century regulation, the ULC is working on virtual currencies, defined “as a form of electronic value, the value of which depends on the market. It is not backed by government (so that it lacks status as legal tender).” The commission's interest in digital currency stems from its ability to be “safer from hacking, often cheaper and faster, and has finality of payment.”

“Virtual currencies have legitimate purposes and can be purchased, sold, and exchanged with other types of virtual currencies or real currencies.”

- Uniform Law Commission

 

As some states have shown interest in the regulation of digital currencies, the ULC advises that others are sure to follow suit. The ULC will be looking into how to take these proposed legal frameworks one step further. “In the absence of an overarching federal payments regulatory framework, these state laws need to be harmonized to the extent possible.”

http://bravenewcoin.com/news/uniform-law-commission-seeks-unified-regulation-for-virtual-currencies-in-america/