N.J. Senator takes jab at New York’s ‘restrictive’ blockchain bill

The “Digitial Assets and Blockchain Regulation” Act, would allow decentralized autonomous organizations to form in the state, permit companies to issue electronic stock certificates, and would create tax incentives for virtual currency businesses to move to New Jersey.

It would also require developers to file online with the Department of Banking and Insurance before making an open blockchain token available for sale, and pay a $1,000 filing fee.

Sen. Robert Singer (R-Ocean), who sponsored the Senate version of the blockchain regulations bill, said he soon plans to introduce amendments that ensure the measure is business-friendly, taking a shot at recently approved legislation in New York, which he called “very restrictive.”

“We want to be more industry-friendly,” Singer said. “I don’t want to be restrictive. I want to be open-minded, but I also want to do protection of the consumer.”

New York Gov. Kathy Hochul has yet to sign the legislation passed in June that would impose a first-in-the-nation two-year moratorium on proof-of-work crypto mining. This type of mining is considered hazardous to the environment because it requires large amounts of fossil fuel energy.

New Jersey’s bill does not currently include these types of restrictions. Singer said he’s working with Democrats who sponsored the proposals in the General Assembly and with the business community on amendments. Though, he didn’t reveal details, saying the changes could come in a matter of days.

Assemblyman Raj Mukherji (D-Hudson) and Assemblywoman Yvonne Lopez (D-Middlesex), co-sponsors on the General Assembly bill, could not be reached for comment.

The cryptocurrency market, which is still a relatively novel concept for many Americans, has faced much uncertainty in 2022, as the prices of coins like Bitcoin and Ethereum continue to fluctuate.