The framework seeks to employ a “technology-neutral” approach based on licensing and monitoring activities one party performs on behalf of another that are already covered under state laws. These include money transmitting, exchanges and third-party services that facilitate these functions. The group said:
While state approaches to effecting regulation of virtual currency activities may differ, CSBS and its members recognize the value of consistency and clarity for regulators and regulated entities alike. CSBS and its members are committed to supporting state efforts at consistent and uniform regulation including through model regulatory requirements and the drafting of uniform regulatory and/or statutory provisions.
Comments are due by Feb. 16, 2015.