In December 2014, the Study Committee of the Uniform Law Commission (ULC) recommended to the ULC to convene a Drafting Committee to draft uniform state legislation concerning alternative currencies and mobile payment systems. Although the Study Committee was charged with examining both alternative currencies and mobile payment systems, the Study Committee has decided to focus primarily on possible uniform legislation concerning virtual currencies. As a first step towards the initiative, the Study Committee is holding a Stakeholder’s Meeting on April 23, 2015, to invite questions, generate discussion and listen to what the participants in the virtual currency sector have to say regarding certain topics on the agenda. The objective of the Meeting is to present a framework of rules derived from experience with the Uniform Commercial Code and identify components critical to a law on virtual currency through a discussion with the attendees.

Regulatory aspects of virtual currency including licensing requirements, consumer protection, cybersecurity, anti-money laundering and supervision of licensees will also be explored at the Meeting. Following the conclusion of the Meeting, the Chair will prepare a report for consideration by the ULC’s Scope and Program and Executive Committees. Since opportunities for post-meeting follow-up to issues discussed at the Meeting will be limited, parties interested in expressing views on the topics proposed in the agenda should submit comments in writing prior to the close of business on April 20th to  Agenda.