• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
NewsBTC Florida Bitcoin Bill

Florida May Pass Bill To Introduce More BTC Regulation Under AML Laws

newsbtc by newsbtc
6 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement
Advertisement

Bitcoin users often get scrutinized by government officials for no apparent reason. In the State of Florida, anyone using bitcoin may soon find themselves as a person of interest in a money laundering investigation. Lawmakers aim to pass a bill that adds virtual currencies to Florida’s money-laundering statute. This is not good news for bitcoin users by any means, that much is certain.

It is rather strange to learn about this new proposal by Florida policymakers. It is evident regulators want to nip bitcoin use in the bud, especially in the United States. Any currency not controlled or issued by the Federal Reserve poses a threat to the national economy. Then again, bitcoins can’t be confiscated, thus regulators have to take a very different route.

Ever since a Miami judge rejected a criminal case involving bitcoin, policymakers have been chomping at the bit to curb cryptocurrency use. This new bill is to be considered during the legislative session in Tallahassee. So far, no one knows for sure it will receive any substantial backing, though. While it is true criminal use should never be allowed, this new bill is taking things to the extreme.So far, there is still very little proof of criminals using bitcoin other than demanding it as a payment method for ransomware attacks.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Florida Doesn’t Like Bitcoin All That Much

It is not surprising this bill has been greeted with a lot of criticism. Legislators make it a habit of drafting bills that will eventually force consumers not to use bitcoin at all. Moreover, this bill can make it extremely difficult for any cryptocurrency-oriented service provider in Florida. Plus, this bill clearly states how financial innovation is not welcome in Florida by any means. Alienating oneself from the rest of the US – and possibly the world – is not in anyone’s best interest right now.

A House version of this bill already passed the appropriations committee. The Senate version passed two sub-committees. All of this does not mean the proposal will be approved and turned into law, though. However, it clearly shows policymakers and politicians still don’t see the value in bitcoin, but only how it harms the economy. Traditional laws will never apply to bitcoin, as bitcoin is not traditional money. Most exchanges are already regulated, thus introducing additional requirements on a state-by-state basis makes no sense whatsoever.

The bigger question is how this proposal affects bitcoin usage, assuming it is approved. Everyday usage or investments should, in theory, not be affected. However, the businesses dealing with cryptocurrency will face a set of new challenges. This could lead to an exodus of companies simply leaving Florida state and taking their business elsewhere. The same has happened in New York and Washington already. For proponents of financial innovation, these policies are a clear sign new forms of money are not welcome in either of these states.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Header image courtesy of Shutterstock

Tags: bitcoinBitcoin Newsfloridaregulation
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Bitcoin

Is Bitcoin’s Security at Risk? Experts Weigh In

19 mins ago
Bitcoin Bull

Bitcoin Net Taker Volume Nears In On Bullish Crossover

8 hours ago
Bitcoin price up

Why Is The Bitcoin Price Up Today?

13 hours ago
Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

1 day ago
Shanghai

Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveal

1 day ago
Bitcoin Mining

Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?

1 day ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • The Future Of The Crypto Industry And One Of Its...

    9 hours ago
  • Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand...

    12 hours ago
  • Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp...

    13 hours ago
  • Three Unique Top Presales To Buy in 2023: RobotEra...

    13 hours ago
  • Meta Masters Guild On Track to Become Web3’s Largest...

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.