<p>Public records show that the lower chamber of Louisana's state legislature has approved a measure that, if passed and signed into law, would create a framework for licensing businesses that work in the cryptocurrency sector.</p> <p>Sponsored by state rep Mark Wright, <a href="https://legiscan.com/LA/text/HB701/id/2187057/Louisiana-2020-HB701-Engrossed.pdf" target="_blank" rel="noopener noreferrer">the legislation</a> – filed earlier this year – seeks to create a process by which companies that focus on cryptocurrencies can seek and obtain licensure in Louisiana. Wright has previously pushed for a crypto-focused regulatory regime in the state.</p> <p>The <a href="https://legiscan.com/LA/bill/HB701/2020" target="_blank" rel="noopener noreferrer">legislation</a> would also create definitional language for crypto exchanges and a range of terms related to "virtual currency." As noted by <a href="https://www.coindesk.com/louisiana-state-house-virtual-currency-licensing-bill" target="_blank" rel="noopener noreferrer">CoinDesk</a>, the bill echoes a past proposal from the Uniform Law Commission's Virtual Currency Business Act, which grew out of a multi-year effort that dates back to <a href="https://www.coindesk.com/ulc-debate-digital-currency-regulation" target="_blank" rel="noopener noreferrer">2015</a>. </p> <p>The Louisiana House of Representatives approved Wright's measure on May 20 unanimously, receiving 92 'yeas' via roll call. It then moved to the state's Senate, where, after a second reading, it was moved to the Committee on Commerce, Consumer Protection and International Affairs on May 21.</p>