The drama swimming in cryptocurrency markets—characterized by sagging asset values and a drumbeat of scandals involving crypto banks, investment firms, and exchanges—is generating a river of state legislation defining, licensing, and regulating digital assets.
An analysis of action across state capitals reveals more than 60 legislative proposals in 25 states addressing some feature of the love-hate US relationship with blockchain technology, virtual currencies, and nonfungible tokens—certificates of ownership for one-of-a-kind digital assets. Many of the measures would nurture the business climate for these assets with tax incentives and legal structures that pull them into broader commercial and tax codes. But ...
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