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Coinbase Champions Legislative Fix to Keep Cryptocurrency Businesses in N.C.

coinbase


Atlanta -
Paul Hastings LLP, a leading global law firm, announced today that its client, Coinbase, one of world’s top cryptocurrency exchanges, was successful in its efforts to amend North Carolina law to keep cryptocurrency businesses accessible to customers in the state.

On June 25, Governor Roy Cooper signed into law House Bill 86, which improves upon legislation adopted in 2016 to modernize the North Carolina Money Transmitter Act, which included provisions designed to keep pace with the rapidly developing cryptocurrency industry. 

While the 2016 legislation was a regarded by all stakeholders as a huge victory, since its implementation, limitations were identified that threatened the existence of the cryptocurrency industry it aimed to foster.         

Coinbase was advised by the FinTech and Payments Team at Paul Hastings in Atlanta, which worked to identify a consensus solution that would allow North Carolina to remain on the leading edge of cryptocurrency innovation. The companion lobbying effort was spearheaded by the Government Relations Team at Ward and Smith, P.A. in Raleigh.  

House Bill 86 is one of only 90 bills passed by the General Assembly from among the more than two thousand bills filed during the 2018 Short Session.

The Paul Hastings team was led by the FinTech and Payments practice chair Chris Daniel and associate Sara Weed, both based in Atlanta.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.