New Bill Will Ban New Jersey Public Officials From Receiving Crypto Assets “As Gifts”

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New Bill Will Ban New Jersey Public Officials From Receiving Crypto Assets “As Gifts” By Angel Di Matteo @shadowargel

The bill in question readjusts certain rules previously managed in New Jersey to prevent cases of bribery and corruption among public officials, especially considering cryptocurrencies and cryptocurrencies. NFT as a mechanism to perpetrate these acts.

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In the New Jersey General Assembly a new bill is advancing, which if accepted would prohibit public officials from accepting digital assets “as a gift” while they are active in their respective positions.

Officials will not be able to receive crypto assets “as a gift”

According to several reports, the bill would be readjusting certain long-standing rules originally contemplated to prevent bribery and acts of corruption, only now it would include valuable assets linked to the ecosystem of digital currencies. A remarkable point of this project is that, in addition to specifically mentioning cryptocurrencies, it also mentions digital collectibles. (NFT), assets that throughout this last year have gained a lot of commercial relevance.

Until now, the project in question has the approval of the Committee on Science, Innovation and Technology of the New Jersey General Assembly earlier this week, but at the moment no date has been scheduled for its vote among the assembly members.

In this regard, the assemblyman who sponsored the bill, Christopher Tully, commented:

“It is important that we adapt to our current environment and recognize blockchain and crypto-based technologies, so this proactive legislation ensures that our ethics laws also adapt, so that we can continue to hold public officials to the highest possible standards. ”.

For her part, another of the assembly members who sponsored said bill, Yvonne López, pointed out:

“New Jersey is a hub of innovation, and with this bill, we can lead the nation in providing thoughtful regulation for the industry.”

The US advances in regulatory matters

This new legislation is part of the state and federal efforts promoted to provide a greater legal framework for cryptocurrencies in the US.

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Recently, US President Joe Biden signed an executive order establishing some clauses for a general approach to cryptocurrencies. Although there were many fears among analysts and enthusiasts, these dissipated when they saw that the approach of said decree had a more exploratory approach, where the organizations would take an analytical position and critically examine the aspects associated with digital currencies.

On the other hand, the announcement made last week by the Republican US senator for the state of Wyoming, Cynthia Lummins, who communicated through her social networks that a bill she is working on is almost ready, whose approval would empower the integration of cryptocurrencies in the current financial system.

In mid-February, a bill presented to the Idaho legislature raises some legal definitions applicable to digital currencies and assets, with special emphasis on the fact that these would be considered personal property.

For his part, the representative for the Democratic Party of Tennessee, Jason Powell, introduced before the House of Representatives local a bill so that the state and other surrounding municipalities have full power to invest in Bitcoin, cryptocurrencies and digital collectibles (NFT).

At the end of January, state senator Wendy Rogers has presented a legislative proposal, numbered SB1341which would seek to amend the Arizona Revised Statutes to include Bitcoin as a form of legal tender. And for those same dates, the governor of the state of Colorado, Jared Polis, confirmed to several media outlets that he is going ahead with his intention that residents have the possibility of paying their taxes with digital currencies.

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Source: TheBlockCrypto

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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