The Block: Louisiana lawmakers advance bill for licensing crypto businesses

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.

Sponsored by state rep Mark Wright, the legislation – 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.

The legislation would also create definitional language for crypto exchanges and a range of terms related to "virtual currency." As noted by CoinDesk , 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 2015 .

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.