The New York Blockchain and Crypto Association (NYBCA) Applauds The New Hampshire House of Representatives for Passing HB1503 and Taking Advantage of The Booming Fintech Industry


New York, NY – March 17, 2022 ( Newswire) The New York Blockchain and Crypto Association (“NYBCA”) is a non-profit trade organization focused on the education and promotion of blockchain-inspired technologies and crypto to key decision-makers and the general public. Through the FinTech community, NYBCA has held, and plans to hold, numerous events bringing the best in the industry to educate and direct the general public on the advantages of this revolutionary technology.

The New Hampshire House of Representatives passed a bill on Tuesday to adopt the new version of Chapter 12 of the Universal Commercial Code, or UCC, which will govern transfers of digital assets. The chapter is still in draft form, but if HB1503 is signed into law, New Hampshire will be the first U.S. state to adopt the chapter.

Like the draft chapter of the UCC, the bill – titled “Exempting the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws” – seeks to create a “workaround” to make it easier to buy and sell cryptocurrencies by stipulating conditions under which “a developer or seller of an open blockchain token shall not be deemed the issuer of a security.” It passed by a vote of 187 to 150.

With its desire to make state law more crypto-friendly, New Hampshire is following in the footsteps of Wyoming, which passed a series of laws in 2018 to create similar regulatory workarounds. Texas also passed a law last year that amended its version of the UCC to become more crypto-friendly.

Bradley Gerstman, Esq., President of NYBCA stated, “New York elected officials need to wake up and take a look at what New Hampshire is doing if it has any interest in attracting investments and jobs by signaling to this rapidly growing industry that New York is open for business. Innovators will not wait and will move onto greener pastures if New York does take the lead on this revolutionary technology. We lose the jobs. We lose the tax base. We lose the opportunity to solve problems. In short New Yorkers will lose.”

Oz Sultan, NYBCA’s Executive Director stated, “just last year, job postings related to blockchain and cryptocurrency technology exploded, growing by almost 400%. Our state is in a perfect position to take advantage of the booming investment in this industry yet is miles behind other states in terms of being considered crypto or blockchain friendly. There is more to leadership than being ‘Dr. No,’ and nixing new projects, investments and growth opportunities. Strategic decision making can help catalyze change and NYBCA urges NY electeds to step up to the plate.”

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Best regards,
Nicole Epstein, Esq.
Vice President
Gotham Government Relations LLC
1399 Franklin Avenue, Suite 200
Garden City, New York 11530
Office: 516-880-8170
Fax: 516-880-8171

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