Very few states have made progress on all three fronts. California and New York, which are both home to a large number of crypto businesses, are ahead of the pack. But others are quickly catching up. There are some unlikely contenders. For example, Wyoming has become one of the most progressive states as far as cryptocurrency and blockchain regulation is concerned. As is Arizona.
In contrast, Massachusetts is yet to take a stance on cryptocurrencies and blockchain. Similarly, Washington, a state that is home to a thriving tech scene, passed a bill in 2017 that requires cryptocurrency exchanges to maintain cash reserves equivalent to the transacted volume on their platform. This move is being construed as hostile.
The map below shows which states have introduced cryptocurrency regulations. States marked in green have taken the lead, while the ones marked in red are yet to acknowledge them seriously. In between are states that are considering regulation and have introduced or passed bills in their legislature for exerting more control over cryptocurrency ecosystems.
As can be seen from the map, a vast majority of states are still to decide their stand vis-à-vis cryptocurrencies. The good news is that the attention from regulators has increased over the past year. Intense media scrutiny and attention is expected to further accelerate the move towards regulating virtual currencies.