Cryptocurrency 2019 Legislation

Heather Morton 12/31/2019

Hand typing on laptop with finance graphics

Digital or virtual currencies are a medium of exchange but are not regular money.

Unlike dollar bills and coins, cryptocurrencies are not issued or backed by the U.S. government or any other government or central bank. The lack of a physical token to count and hold may confuse some. Rather, Bitcoin and other cryptocurrencies are a form of digital currency used in electronic payment transactions—no coins, paper money or banks are involved; there are zero to minimal transaction fees; transactions are fast and not bound by geography; and, similar to using cash, transactions are anonymous.

Digital currencies are stored in digital wallets, which are software or apps installed by users on their computer or mobile device.

Each digital wallet contains encrypted information, called public and private keys, that is used to send and receive the digital currency. All digital currency transactions are recorded in a virtual public ledger called the “blockchain,” which is maintained by digital currency “miners.” These miners can be anyone, anywhere in the world, who is willing to invest in the specialized computer hardware needed to rapidly process complex computations. Miners are awarded digital currency, like Bitcoin, Ripple, Dogecoin, and Litecoin, in exchange for verifying each transaction and adding it to the blockchain.

Thirty-one states, Puerto Rico and the District of Columbia had legislation in the 2019 legislative session. Colorado, Indiana, Kentucky, Michigan, Montana, Nevada, New York, Oregon, Puerto Rico, Rhode Island, Tennessee, Texas, Vermont and Wyoming enacted legislation or adopted resolutions.

The box allows you to conduct a full text search or type the state name.

Cryptocurrency 2019 Legislation

State

Bill Number

Bill Summary

Alabama

None

 

Alaska

None

 

Arizona

None

 

Arkansas

None

 

California

AB 953

This bill, on and after Jan. 1, 2020, allows the legislative body of a city or the board of supervisors of a county to determine and implement a method by which a licensee under Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) may remit any city or county cannabis license tax amounts due by payment using stablecoins, as defined. The bill authorizes that city or county in determining that method to either accept stablecoins directly into a digital wallet controlled by that jurisdiction or to utilize a third-party digital asset payment processor that allows for the immediate conversion of any payments made by stablecoins into U.S. dollars and deposit into an account of that jurisdiction. This bill, on or before June 1, 2020, requires the department to determine and implement a method by which a licensee under MAUCRSA may remit any cannabis excise tax or cannabis cultivation tax amounts due by payment using stablecoins, as defined. The bill authorizes the department in determining this method to either accept stablecoins directly into a state-controlled digital wallet or to utilize a third-party digital asset payment processor that allows for the immediate conversion of any payments made by stablecoins into U.S. dollars and deposit into a state account. The bill allows the department to consult with the state treasurer’s office as needed to implement that payment method.

California

AB 1489

This bill enacts the Uniform Regulation of Virtual Currency Businesses Act. The bill prohibits a person from engaging in virtual currency business activity, or holding itself out as such, unless licensed or registered with the Department of Business Oversight, subject to a variety of exemptions. The bill defines “virtual currency” as a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, except as specified. The bill defines “virtual currency business activity” as exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor, among other things. The bill prescribes requirements for licensure, which would include provisions for recognition of a license from another state. The bill also prescribes an alternative process of registration for businesses that have an annual virtual currency business of less than a specified dollar amount, as defined. The bill establishes requirements for security, net worth, and reserves for licensed and registered businesses. Among other things, the bill prescribes requirements for examinations of these businesses, data sharing with other states, mergers and consolidations by licensees and registrants, and disclosures to be provided to customers. The bill grants the department specified enforcement authority over these businesses, including specified civil penalties. This bill also enacts the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual Currency Businesses Act, which provides rights to virtual currency businesses and their customers based on Uniform Commercial Code provisions. In this regard, among other things, the bill provides that a licensee or registrant, as described above, is a securities intermediary and that the control of virtual currency by the licensee or registrant for the benefit of the user creates a securities account of which the user is the entitlement holder.

Colorado

SB 23
Signed by governor 3/16/19, Chapter 12

Enacts the Colorado Digital Token Act. The bill provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens. "Digital token" is defined as a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable for goods or services, and capable of being traded or transferred between persons without an intermediary or custodian of value.

Colorado

SB 88
Signed by governor 4/16/19, Chapter 110

Concerns the adoption of the revised uniform unclaimed property act; includes virtual currencies.

Colorado

SB 140
Postponed indefinitely 2/26/19

For income tax years commencing on or after Jan. 1, 2020, the bill allows an individual taxpayer or a corporation to claim a state income tax deduction on gains, to the extent included in federal taxable income, from the sale or exchange of virtual currency for other than cash or cash equivalents, up to $600 per sale or exchange. All sales or exchanges that are part of the same transaction or a series of related transactions are required to be treated as one sale or exchange. The executive director of the Department of Revenue is required to promulgate rules regarding the receipt of documentation related to virtual currency transactions for which gain or loss is recognized.

Connecticut

None

 

Delaware

None

 

District of Columbia

B23-225

Enacts the Revised Uniform Unclaimed Property Act; provides rules for determining when property is presumed abandoned; provides for reports by holders of such property to the District's administrator of Unclaimed Property; provides for notices to apparent owners of such property; provides for the taking of, custody, sale, and administration of such property by the administrator; provides for claims to recover such property from the administrator. Includes virtual currency.

Florida

None

 

Georgia

None

 

Guam

None

 

Hawaii

HB 70

Adopts the Uniform Regulation of Virtual-Currencies Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act.

Hawaii

SB 250

Adopts the Uniform Regulation of Virtual-Currencies Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act.

Hawaii

SB 1364

Extends the money transmitters act to expressly apply to persons engaged in the transmission of virtual currency.  Requires licensees dealing with virtual currency to provide a warning to customers prior to entering into an agreement with the customers.

Idaho

None

 

Illinois

None

 

Indiana

HB 1683

Allows a person to pay taxes using an approved virtual currency. Makes a correction.

Indiana

1683

Allows a person to pay taxes using an approved virtual currency. Makes a correction.

Indiana

SR 9
Adopted 2/11/19

Urges the Legislative Council to assign to an appropriate study committee the task of considering the enactment of the Uniform Regulation of Virtual Currency Businesses Act or other virtual currency regulation in the State of Indiana.

Iowa

HF 240

Provides for exemptions for virtual currency from certain security and money transmission regulations.

Iowa

HF 255

Relates to the taxation of virtual currencies; includes retroactive applicability provisions.

Kansas

None

 

Kentucky

HB 204
Signed by governor 3/26/19, Act 125

Amends KRS 41.410 to update the requirements to the Developmental Disabilities Assistance and Bill of Rights Act of 2000; creates a new section of KRS Chapter 41 to require the Department of the Treasury to be responsible for administering and promoting STABLE Kentucky accounts; amends KRS 393A.020 to state that KRS Chapter 393A shall not apply to mineral proceeds; amends KRS 393A.330 to provide that the holder of virtual currency shall liquidate and remit the proceeds to the administrator, and that the owner shall not have recourse against the holder or the administrator to recover any gain in value that occurs after the liquidation of the virtual currency; repeals various sections of KRS Chapter 41 and KRS 42.510 related to the Linked Deposit Investment Program.

Louisiana

HB 532

Enacts Chapter 21 of Title 6 of the Louisiana Revised Statutes of 1950, to be comprised of R.S. 6:1381 through 1386, relative to the licensing and regulation of virtual currency; to provide for definitions; to provide for licensure; to provide for forms; to provide for bond requirements; to provide for examinations; to provide reporting requirements; to provide for records; to provide for enforcement; to provide for authority of the commissioner; to provide for fees; to provide for disclosure; to provide for receipts; to provide for exemptions; to provide for an effective date; and to provide for related matters.

Maine

LD 1767

Provides that the definition of money transmission includes digital currencies.

Maryland

HB 1127
SB 786

Establishes and strengthens consumer protections in certain areas of financial transactions, including mobile home purchases, security breaches, vehicle purchases, money transmission, virtual currency and other areas; applies certain existing financial consumer protections to new forms of financial transactions; establishes that a mobile home retailer has a duty of good faith and fair dealing; prohibits a mobile home retailer from steering a consumer borrower to products that offer less favorable terms.

Massachusetts

SB 200

Relates to blockchain and cryptocurrencies.

Michigan

HB 4103
Signed by governor 12/20/19, Public Act 175

Amends the Penal Code to modify the definition of "financial transaction device" to include the use of cryptocurrency and distributed ledger technology.

Michigan

HB 4105
Signed by governor 12/20/19, Public Act 173

Amends the Penal Code to replace references to "money or personal property" with "money or other personal property", and specifies that "money or other personal property" would include cryptocurrency.

Michigan

HB 4107
Signed by governor 12/20/19, Public Act 171

Amends the Penal Code to include cryptocurrency in the definition of "monetary instrument."

Minnesota

HF 2538
SF 2474
 

Relates to unclaimed property, codifies the Revised Unclaimed Property Act, appropriates money for unclaimed property compliance, includes virtual currency.

Mississippi

None

 

Missouri

HB 1159

This bill classifies digital assets. Digital assets are classified in the following manner: (1) Digital consumer assets are intangible personal property and shall be considered general intangibles, for the purposes of Article 9 (Secured Transactions)of the Uniform Commercial Code; (2) Digital securities are intangible personal property and shall be considered securities, for the purposes of Article 9 (Secured Transactions) of the Uniform Commercial Code; and (3) Virtual currency is intangible personal property and shall not be considered monies, for the purposes of Article 9 (Secured Transactions) of the Uniform Commercial Code. A digital asset may be treated as a financial asset pursuant to a written agreement with the owner of the digital asset. If treated as a financial asset, the digital asset shall remain intangible personal property. Except for the financing statement required by the Uniform Commercial Code as otherwise applied to general intangibles, perfection of a security interest in a digital asset may be achieved through control. A security interest held by a secured party having control of a digital asset has priority over a security interest held by a secured party that does not have control of the asset. Before taking control of a digital asset, the secured party must enter into a control agreement with the debtor. A secured party may file a financing statement with the secretary of state, including to perfect a security interest in proceeds from a digital asset. For a security interest perfected by a method other than control, a transferee takes a digital asset free of any security interest two years after taking the asset for value without any notice of an adverse claim. Possession by control creates a possessory security interest and does not require physical possession. A digital asset is located in Missouri if the asset is held by a Missouri custodian, or if the debtor or secured party is physically located in Missouri or incorporated or organized in Missouri. A bank may choose to provide custodial services by giving 60 days' written notice to the commissioner. A bank may service as a qualified custodian. A bank providing custodial services must enter into an agreement with an independent public accountant to conduct an examination. The results of the examination must be sent to the commissioner within 120 days. Any material discrepancy in the examination must be reported within one day. Digital assets held in custody are not depository liabilities or assets of the bank, but a bank must maintain control over a digital asset while in custody. A bank may register as an investment advisor, investment company, or broker dealer. A customer must elect via a written agreement with the bank which type of relationship the digital asset will be. The bank and customer must also agree in writing on the source code version the bank will use for each digital asset. Any ambiguity will be resolved in favor of the customer. The bank must provide a written notice to the customer. The bank and customer must agree in writing when the bank must return a digital asset back to the customer. Any ancillary or subsidiary proceeds relating to the digital asset will accrue to the benefit of the customer, except as specified in the written agreement. A bank cannot permit rehypothecation of digital assets. A bank cannot exercise discretionary authority relating to a digital asset, except based on customer instructions. A bank that provides custodial services will pay a supervision fee to the financial institutions administration account of 2/100 of one cent relating to assets held in custody. Missouri courts have jurisdiction to hear claims in both law and equity relating to digital assets.

Missouri

HB 1247

This bill requires the state and every political subdivision to accept virtual currency as legal tender. If the state or a political subdivision is unable to take virtual currency, the state or political subdivision must upgrade or improve its equipment so that it is capable of accepting virtual currency. The state and any political subdivision may make reasonable regulations regarding virtual currency.

Montana

HB 584
Signed by governor 5/8/19, Chapter 386

 

Revises laws relating to cryptocurrency; amends exempt transactions from certain securities law; allows certain digital transactions.

Montana

HB 630
Passed House 3/28/19

Revises laws related to crypto currency; relates to financial institutions; relates to local revenue; relates to state revenue; relates to taxation; relates to taxation of property.

Nebraska

None

 

Nevada

AB 15
Signed by governor 6/3/19, Chapter 306

Revises provisions governing crimes related to certain financial transactions; prohibits the preparation or delivery of documents that simulate legal process for certain purposes.

Nevada

SB 44
Signed by governor 6/7/19, Chapter 501

Revises provisions of the Uniform Unclaimed Property Act, includes virtual currencies.

Nevada

SB 164
Signed by governor 6/7/19, Chapter 476

Recognizes certain virtual currencies as a form of intangible personal property for purposes of taxation.

Nevada

SB 195

Enacts the Uniform Regulation of Virtual Currency Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual Currency Businesses Act.

New Hampshire

HB 470

This bill requires the state treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees and allows state agencies to accept payment in cryptocurrencies after July 1, 2020.

New Jersey

AB 5240
SB 4208

This bill requires the state of New Jersey to review and approve a viable blockchain based, digital payment platform to provide payment services to legal and licensed businesses in this state that do not have access to traditional financial services and are forced to operate in cash-only or cash-heavy environments. The purpose of the payment platform is to provide a safe, secure, and compliant system that does not exclude these businesses from participating in digital commerce. The bill reqires the payment platform to provide businesses with access to cashless transations and to secure revenue on a one-to-one basis of virtual currency to U.S. dollars. A business shall only have access to the payment platform with approval from the state. The payment platform shall provide the ability to manage and process all business expenditures and allow all transations to be recorded on an immutable blockchain ledger. The payment platform shall facilitate regulatorycompliance, provide for audits by the state, and allow for payment of sales tax to local municipalities.

New Mexico

HB 649

Relates to financial institutions; enacts the internet business development and innovations act; declares an emergency.

New York

AB 1427
SB 4562

Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.

New York

AB 1500

Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

New York

AB 1502

Establishes a task force to study the potential designation of economic empowerment zones for the mining of cryptocurrencies in the state of New York.

New  York

AB 1914
Substituted 2/26/19
SB 1194
Signed by governor 8/29/19, Chapter 195

Amends a chapter of the laws of 2018 creating the digital currency task force to increas the members from 9 to 13.

New York

AB 2213

Relates to financial technology products and services; establishes a regulatory sandbox program. Includes cryptocurrencies.

New York

AB 2239
SB 5060

Establishes the office of financial resilience to develop and implement new programs and initiatives for the purpose of supporting local economies and promoting resilient financial models.

New York

AB 8314

Relates to recognizing electronic contact by an owner as written contact and including unclaimed virtual currency within the definition of abandoned property.

New York

AB 8686
SB 6792

Establishes the empire state inclusive value ledger establishment and administration act to create a master account and system of individual wallets to make and receive payments to state entities and residents of the state.

New York

SB 4593

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

North Dakota

HB 1043
Failed to pass House 1/11/19

Relates to the exemption of an open blockchain token from specified securities transactions and dealings; relates to the definitions of an open blockchain token and virtual currency and excluding an open blockchain token and virtual currency from specified money transmission requirements.

N. Mariana Islands

None

 

Ohio

None

 

Oklahoma

HB 1954

Creates the Uniform Regulation of Virtual Currency Businesses Act; provides short title; defines terms; provides scope of application; provides for supplementary law; provides for licensure; provides conditions and procedures for licensing; provides for licensing fees; provides for license reciprocity; requires deposit of security, with exceptions and alternatives; limits recovery against the security; requires evidence of net worth.

Oklahoma

SB 809
Title stricken 2/20/19

Relates to political contributions; relates to Ethics Commission Administrative Operations; modifies certain definition; relates to campaign finance; modifies certain definition; requires promulgation of certain rules; specifies method of calculation for certain rule; provides for deposit of certain funds; provides for noncodification; includes cryptocurrencies.

Oklahoma

SB 822

Relates to currency; defines certain terms; specifies types of institutions and transactions prohibited from application of the act; provides for codification; including virtual currencies.

Oklahoma

SB 843

Relates to transactions; clarifies status of open blockchain tokens under certain conditions; states conditions when a person is not considered a broker-dealer; states entity authorized to determine compliance; provides method of notice and intent to facilitate certain exchanges; defines terms; states exemptions from this act; specifies conditions for cease and desist orders; authorizes certain persons to petition district court; states timeframe for certain enforcement; provides for codification.

Oklahoma

SB 911

Relates to marijuana excise tax payments; directs Oklahoma Tax Commission to determine feasibility of accepting specified form of payment; requires recommendations by certain date; provides for noncodification; provides an effective date.

Oregon

HB 2488
Signed by governor 5/2/19, Chapter 50

Prohibits state government from accepting payments using cryptocurrency. Prohibits candidates for public office from accepting campaign contributions using cryptocurrency.

Pennsylvania

None

 

Puerto Rico

HR 1488
Adopted 10/31/19

Amends House Resolution 542 of 2018, a study on bitcoin regulation, for the purpose of extending until the Sixth Ordinary Session of the Eighteenth Legislative Assembly, the term of time granted to the Committee on Matters of the Consumer, Banking and Insurance of the House of Representatives of Puerto Rico, to render the final report on it.

Rhode Island

HB 5595

This bill exempts a developer or seller of an open blockchain token from the provisions of the Rhode Island Uniform Securities Act. A blockchain is a tool utilized in digital currency.

Rhode Island

HB 5596

Exempts virtual currency from taxation.

Rhode Island

HB 5598

Exempts transactions involving virtual currency from the Rhode Island Uniform Securities Act.

Rhode Island

HB 5776

Establishes the Digital Asset Business Act; provides that the Department of Business Regulation to license virtual currency business activity; exempts virtual currency from compliance with securities requirements; exempts virtual currency from taxation.

Rhode Island

HB 5847
Signed by governor 7/15/19, Chapter 226
SB 753
Signed by governor 7/15/19, Chapter 246

This bill adds virtual currency to the existing electronic money transmission and sale of check licenses and adds additional regulatory provisions to simplify and clarify licensing related thereto.

South Carolina

HB 3723

Adds §8-13-1325 so as to provide that candidates and committees may accept digital currency as contributions, that an increase in the value of digital currency being held by a candidate or committee must be reported as interest, and that a candidate or committee shall sell any digital currency and deposit the proceeds from the sale into a campaign account before spending the funds; and amends §8-13-1300, relating to definitions applicable to South Carolina campaign practices, so as to provide that the definition of "contribution" includes digital currency.

South Carolina

HB 4200

Enacts the "Revised Uniform Unclaimed Property Act of 2019"; provides for the manner in which and procedures and requirements under which abandoned and unclaimed property, as defined in the act, may be escheated by the state for sale or other disposition, and provides criminal penalties for certain violations; and repeals chapter 18, title 27, relating to the 1988 uniform unclaimed property act, including subsequent amendments to the 1988 act.

South Carolina

HB 4351

Enacts the "South Carolina Blockchain Industry Empowerment Act of 2019" in order to establish this state as an incubator for tech industries seeking to develop innovation by using blockchain technology; adds §33-6-245 so as to further provide for the construction of terms relating to stock and certificate tokens; amends §33-6-250, relating to the form and content of corporate stock certificates, so as to authorize corporations to issue certificate tokens in lieu of stock certificates; adds chapter 47 to title 34 so as to provide that a person who develops, sells, or facilitates the exchange of an open blockchain token is not subject to specified securities and money transmission laws, and provides specified verification authority to the secretary of state and banking commissioner; adds chapter 49 to title 34 so as to create the financial technology sandbox for the testing of financial products and services in South Carolina; authorizes limited waivers of specified provisions of law under certain conditions; establishes standards and procedures for sandbox applications, operations, and supervision; authorizes reciprocity agreements with other regulators; requires criminal history background checks; requires the creation of financial technology innovation accounts to be used for special purposes; requires a consumer protection bond; and specifies standards for the suspension and revocation of a sandbox authorization; adds chapter 51 to title 34 so as to specify that digital assets are property within the uniform commercial code, to authorize security interests in digital assets, to establish an opt-in framework for banks to provide custodial services for digital asset property as custodians, to specify standards and procedures for custodial services, to clarify the jurisdiction of South Carolina courts relating to digital assets, to authorize a supervision fee, and to provide for other related provisions to digital assets; amends §35-11-105, relating to definitions under the South Carolina Anti-Money Laundering Act, so as to define the term "virtual currency"; and amends §35-11-110, relating to matters and transactions to which the anti-money laundering act does not apply, so as to provide that the act does not apply to buying, selling, issuing, or taking custody of payment instruments or stored value in the form of virtual currency or receiving virtual currency for transmission to a location within or outside the United States by any means.

South Carolina

SB 524

Enacts the Revised Uniform Unclaimed Property Act; provides for the manner in which and procedures and requirements under which abandoned and unclaimed property, as defined in the act, may be escheated by the state for sale or other disposition; provides criminal penalties for certain violations; relates to the 1988 uniform unclaimed property act, including subsequent amendments to the 1988 act. Includes virtual currency.

South Carolina

SB 738

Enacts the "South Carolina Blockchain Industry Empowerment Act of 2019", to establish this state as an incubator for technology industries seeking to develop innovation by using blockchain technology; amends article 2, chapter 6, title 33 of the 1976 code, relating to the issuance of shares for corporations, partnerships, and associations, by adding §33-6-245, to provide for the construction of terms relating to stock and certificate tokens; amends §33-6-250 of the 1976 code, relating to the form and content of corporate stock certificates, to authorize corporations to issue certificate tokens in lieu of stock certificates; amends title 34 of the 1976 code, relating to banking, financial institutions, and money, by adding chapter 47, to provide that a person who develops, sells, or facilitates the exchange of an open blockchain token is not subject to specified securities and money transmission laws, and to provide specified verification authority to the secretary of state and banking commissioner; amends title 34 of the 1976 code, relating to banking, financial institutions, and money, by adding chapter 49, to create the financial technology sandbox for the testing of financial products and services in South Carolina, to authorize limited waivers of specified provisions of law under certain conditions, to establish standards and procedures for sandbox applications, operations, and supervision, to authorize reciprocity agreements with other regulators, to require criminal history background checks, to require the creation of financial technology innovation accounts to be used for special purposes, to require a consumer protection bond, and to specify standards for the suspension and revocation of a sandbox authorization; amends title 34 of the 1976 code, relating to banking, financial institutions, and money, by adding chapter 51, to specify that digital assets are property within the uniform commercial code, to authorize security interests in digital assets, to establish an opt-in framework for banks to provide custodial services for digital asset property as custodians, to specify standards and procedures for custodial services, to clarify the jurisdiction of South Carolina courts relating to digital assets, to authorize a supervision fee, and to provide for other related provisions for digital assets; amends §35-11-110 of the 1976 code, relating to the applicability of the anti-money laundering act, to provide that the anti-money laundering act does not apply to the buying, selling, issuing, or taking custody of payment instruments or stored value in the form of virtual currency or receiving virtual currency for transmission to a location within or outside the united states by any means; and to define necessary terms.

South Dakota

None

 

Tennessee

HB 1300
Signed by governor 5/22/19, Chapter 452
SB 1157
Substituted 4/30/19

Makes various changes to the "Revised Tennessee Captive Insurance Act," including allowing captives to get one change of business plan for free each year, allowing captives to hold their capital and surplus in currencies other than U.S. dollars, such as cryptocurrency, with the approval of the commissioner, and other changes.

Texas

HB 981
SB 207

Includes digital currency in money laundering.

Texas

HB 4214

Relates to matters concerning governmental entities, including cyber security, governmental efficiencies, information resources, and emergency planning. Requires each state agency and local government to, in the administration of the agency or local government, consider using next generation technologies, including cryptocurrency, blockchain technology, and artificial intelligence.

Texas

HB 4371

Relates to digital currencies.

Texas

SB 207
Signed by governor 6/14/19, Chapter 957

Amends the Penal Code to include a digital currency in the definition of "funds" for purposes of the offense of money laundering.

Utah

None

 

Vermont

SB 154
Signed by governor 5/14/19, Act 20

This act reorganizes and makes miscellaneous changes to provisions of Vermont statute governing financing and related services and licensees regulated by the Department of Financial Regulation, including the definition of virtual currency.

Virginia

None

 

U.S. Virgin Islands

None

 

Washington

HB 1179

Repeals chapter 63.29 RCW, the uniform unclaimed property act of 1983, and creates the revised uniform unclaimed property act. Includes virtual currencies.

West Virginia

SB 477

Requires collection of use tax by marketplace facilitators and referrers satisfying certain economic nexus requirements; defines virtual currency.

Wisconsin

AB 200

This bill creates a sales and use tax exemption for precious metals and a sales tax exemption for cryptocurrency.

Wisconsin

SB 192

This bill creates a sales and use tax exemption for precious metals and a sales tax exemption for cryptocurrency.

Wisconsin

HB 62
Signed by governor 2/28/19, Chapter 170

Relates to property; establishes that open blockchain tokens with specified consumptive characteristics are intangible personal property and not subject to a securities exemption; provides definitions; requires developers and sellers of open blockchain tokens to file notices of intent and fees with the Secretary of State; authorizes specified enforcement actions; establishes virtual currency as intangible personal property; makes specified violations unlawful trade practices.

Wyoming

SF 125
Signed by governor 2/26/19, Chapter 91

Relates to property; classifies digital assets within existing laws; specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets; establishes an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifies standards and procedures for custodial services under this act; clarifies the jurisdiction of state courts relating to digital assets.

 

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Heather Morton is a program principal in Fiscal Affairs. She covers financial services, alcohol production and sales, broadband and telecommunications, and medical malpractice issues for NCSL.

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