5 US States Poised to Promote Bitcoin-Friendly Regulation

Given the recent critiques of New York and its proposed framework for bitcoin businesses, many of the law's opponents are no doubt hoping the state and its regulators will alter the bill during its now extended comment period.

Of course, while vocal opponents of the bill and its controversial provisions await more guidance, there remains the possibility that another US state will introduce a framework that proves more enticing to the bitcoin industry and its interests.

So it should not come as a surprise that some US states could see the backlash against New York's proposal as an opportunity to position their jurisdictions as more accepting of digital currencies and the jobs and investment the industry can attract.

In this piece, CoinDesk takes a look at some of the US states that could be poised to pursue such a path.

Steve Stockman, a US Representative for the 36th Congressional District of Texas, has indicated in the past that he favors the bitcoin industry as a way to create jobs in his home state.

New Mexico is already known as a state where bitcoin businesses can get things done.

That's the primary reason why the first bitcoin ATM in the US was launched there, as its operator was easily able to comply with state laws.

As far as bitcoin is concerned, California is the capital of digital currency in the US. It's no wonder that the state is attempting to build the right framework - in a cautious way - to help influence innovation, a hallmark of the state.

According to the most recent CoinDesk State of Bitcoin Report, 48% of all bitcoin related VC went to Silicon Valley startups in the second quarter of 2014.

What states do you expect to promote relaxed bitcoin regulations? Weigh in below.