North Carolina Senate Finance Committee meeting held on Tuesday supported a blockchain-friendly Senate Bill 680 sponsored by Senator Rick Gunn.

The meeting saw representatives from blockchain industry and the center of discussion was on the state’s Money Transmitters Act and changes to the legislative framework. The changes will update rules in accordance with guidance issued last December by the North Carolina Office of the Commissioner of Banks(NCCOB), coindesk.com reported.

The NCCOB exempted digital currency miners; non-financial blockchain services; and multi-signature and non-custodial wallet providers from the state's Money Transmitters Act (MTA) last year.

By updating the definition of money transmission, the definition would include maintaining control of virtual currency on behalf of others, along with more general changes to state law. The state law would also list the exemptions for non-financial blockchain service providers.

During the meet, Senator Gunn spoke about the purpose of the state law that relates to virtual currencies and said the technology as one whose ‘time had come’ in North Carolina. He stated, “We know that virtual currency transmitters are here to stay and that they are growing. It’s a sector of innovation, and I think we have a responsibility to try to let them grow and prosper.”

Perianne Boring, chairman of industry advocacy group the Chamber of Digital Commerce in an interview placed the bill as ‘most comprehensive and business friendly’. She mentioned saying, “We think that was a commendable thing for the state to do. This is more diplomatic than in New York, and it's how states should be regulating the industry.”

SB 680 will proceed to a formal Senate vote, after which it would become law if approved, said the attendees during the discussion. The attendees to the meeting included Chamber of Digital Commerce, IBM and law firm Perkins Coie.