Cryptocurrency 2022 Legislation

Heather Morton 6/7/2022

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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-seven states have addressed legislation regarding cryptocurrency, digital or virtual currencies and other digital assets in the 2022 legislative session.

Examples of enacted legislation include:

  • Connecticut required the Board of Regents for Higher Education to develop seminar programs to assist small businesses with adapting to the business environment in the aftermath of the COVID-19 pandemic through courses in subject areas, including, but not limited to, electronic commerce, social media, cybersecurity and virtual currency.
  • Indiana enacted legislation adding a new chapter to the Uniform Commercial Code (UCC) that governs transactions involving controllable electronic records.
  • South Dakota required a licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers, in lieu of the permissible investments otherwise required.
  • Washington and West Virginia updated their unclaimed property laws to include virtual currencies.
  • Wyoming amended statutory provisions regulating decentralized autonomous organizations.

 

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

 

 

Cryptocurrency 2022 Legislation

State:

Bill Number:

Bill Summary:

Alabama

HB 127

This bill exempts virtual currency, herein defined, from ad valorem taxation.

Alaska

HB 408

Relates to the business of money transmission; relates to money transmission licenses, licensure requirements, and registration through the Nationwide Multistate Licensing System; relates to the use of virtual currency for money transmission; relates to authorized delegates of a licensee; relates to acquisition of control of a license; relates to record retention and reporting requirements; authorizes the Department of Commerce, Community, and Economic Development to cooperate with other states in the regulation of money transmission; relates to permissible investments; relates to violations and enforcement of money transmission laws; relates to money transmission license exemptions; relates to payroll processing services; repeals currency exchange licenses; and provides for an effective date.

Alaska

SB 238

Relates to the business of money transmission; relates to money transmission licenses, licensure requirements, and registration through the Nationwide Multistate Licensing System; relates to the use of virtual currency for money transmission; relates to authorized delegates of a licensee; relates to acquisition of control of a license; relates to record retention and reporting requirements; authorizes the Department of Commerce, Community, and Economic Development to cooperate with other states in the regulation of money transmission; relating to permissible investments; relates to violations and enforcement of money transmission laws; relates to money transmission license exemptions; relates to payroll processing services; repeals currency exchange licenses; and provides for an effective date.

Arizona

HB 2204
Passed House 2/23/22

Provides that specified amounts shall be subtracted from state gross income, including, to the extent not already excluded from gross income under the Internal Revenue Code, the value of virtual currency and nonfungible tokens the taxpayer received pursuant to an airdrop at the time of the airdrop and the amount allowed as a subtract for gas fees not already included in the taxpayers virtual currency basis; provides for gain or loss in the sale of such currency.

Arizona

SB 1127

Relates to state agencies; relates to payments; relates to cryptocurrency.

Arizona

SB 1128

Relates to virtual currency; relates to property tax exemption.

Arizona

SB 1341

Includes Bitcoin as legal tender.

Arizona

SB 1383
To conference committee 3/22/22

Relates to dissolution of marriage; relates to annulment. Includes cryptocurrency in definition of liquid assets.

Arizona

SB 1493

Beginning Jan. 1, 2023, the state or a political subdivision of the state may pay its employees' salaries in virtual currency, if requested by the employees.

Arizona

SCR 1013

Relates to medium of exchange; relates to currency; relates to use.

Arizona

SCR 1014

Relates to property tax exemption; relates to virtual currency.

Arkansas

None

 

California

AB 2269
Passed Assembly 5/12/22

Existing law, the Money Transmission Act, generally prohibits a person from engaging in the business of money transmission, as defined, without a license from the commissioner of Financial Protection and Innovation. This bill, the Digital Financial Assets Law, on and after Jan. 1, 2024, prohibits a person from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of certain criteria are met, including the person is licensed or registered with the Department of Financial Protection and Innovation, as prescribed. The bill defines “digital financial asset” to mean 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. This bill, among other things, authorizes the department to conduct examinations of a licensee, as prescribed, and requires a licensee or registrant to maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, certain records, including a general ledger posted at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee or registrant. The bill authorizes the department to take an enforcement measure against a licensee, registrant, or person that is neither a licensee nor registrant but is engaging in digital financial asset business activity with, or on behalf of, a resident in any of certain instances, including the licensee, registrant, or person materially violates the provisions of the bill, a rule adopted or order issued under the bill, or a law of this state other than the bill that applies to digital financial asset business activity of the violator with, or on behalf of, a resident. The bill prescribes certain civil penalties for violations of its provisions. The bill requires a licensee or registrant, before engaging in digital financial asset business activity with a resident, to make certain disclosures to the resident, including a schedule of fees and charges the licensee or registrant may assess, the manner by which fees and charges will be calculated if they are not set in advance and disclosed, and the timing of the fees and charges. The bill requires an applicant, before submitting an application, and registrant, before registering, to create and, during licensure or registration, maintain in a record policies and procedures for, among other things, an information security program and an operational security program.

California

AB 2689

This bill authorizes a private or public entity in the state to accept virtual currency, as defined, as a method of payment for the provision of any good or service, including any governmental service. The bill defines public entity for these purposes to include the state and every state entity, including the Legislature, the judicial branch, the University of California, and the California State University, and a political subdivision of the state, including a city, county, city and county, charter city, charter county, school district, community college district, joint powers authority, joint powers agency, and any public agency, authority, board, commission, or district.

California

SB 1275

This bill authorizes a state agency to accept cryptocurrency as a method of payment for the provision of government services.

Colorado

HB 1053
Sent to governor 5/31/22

Instructs the commissioner of Agriculture (commissioner) to create and deploy an online program that educates agricultural producers about blockchain technology. The commissioner will consult and cooperate with stakeholders to develop the online program, publicize the program, and encourage agricultural producers to participate in the program.

Colorado

SB 25
Sent to governor 5/17/22

Concerns state capital financing managed by the state treasurer; expands the types of collateral that can be used to secure such financing and, if deemed feasible and in the best interest of the state by the state treasurer after a required study is completed, authorizes the use of security token offerings for such financing, and makes an appropriation.

Connecticut

HB 5320

Requires the registration of virtual currency businesses, establishes consumer protections concerning virtual currency, and allows the acceptance of credit and debit cards for the purchase of virtual currency.

Connecticut

HB 5506
Signed by governor 5/7/22, Public Act 22-118

Requires, not later than Sept. 1, 2022, the Board of Regents for Higher Education shall, within available funds, develop seminar programs to assist small businesses with adapting to the business environment in the aftermath of the COVID-19 pandemic, as defined in §4-216a of the general statutes, through courses in subject areas, including, but not limited to, electronic commerce, social media, cybersecurity and virtual currency.

Connecticut

SB 3
Passed Senate 4/13/22

This bill requires the Board of Regents for Higher Education (BOR) to develop seminar programs to help small businesses (i.e., with 25 or fewer employees) adapt to the business environment after the COVID-19 pandemic through courses in subject areas including electronic commerce, social media, cybersecurity, and virtual currency. It must do so by Sept. 1, 2022, and within available funds.

Connecticut

SB 353

Establishes the legal nature of digital assets by dividing such assets into three categories of intangible personal property and classifying such assets within the Uniform Commercial Code.

Delaware

None

 

District of Columbia

None

 

Florida

HB 273
Signed by governor 5/12/22, Chapter 113

Relates to money services businesses; amends §559.952, F.S.; revises exceptions for a licensee during the Financial Technology Sandbox period; amends §560.103, F.S.; revises and provides definitions; amends §560.123, F.S.; revises the purpose of the Florida Control of Money Laundering in Money Services Business Act; revises duties of money services businesses; revises provisions related to violations of money services business activities and penalties for such violations; amends §560.125, F.S.; revises provisions related to violations of money services business activities and penalties for such violations; amends §560.204, F.S.; revises provisions related to certain prohibited activities without a license; revises the definition of the term "compensation"; amends §560.208, F.S.; revises requirements for a money transmitter or payment instrument seller to conduct business; amends §560.2085, F.S.; revises requirements for a written contract between a money transmitter or payment instrument seller and an authorized vendor; amends §560.210, F.S.; provides requirements for a money transmitter that receives virtual currency; excluding virtual currency in the calculation of permissible investments under certain circumstances; amends §560.211, F.S.; revises recordkeeping requirements for a money transmitter or payment instrument seller; amends §560.212, F.S.; revising financial liability requirements for a money transmitter or payment instrument seller; provides an effective date.

Florida

SB 486
Laid on table 3/7/22

Relates to money services businesses; amends §559.952, F.S.; revises exceptions to general laws and rules for licensees during the Financial Technology Sandbox period; amends §560.103, F.S.; revises definitions; defines the term “virtual currency”; amends §560.123, F.S.; revises the purpose of the Florida Control of Money Laundering in Money Services Business Act; revises the duties of money services businesses; revises civil and criminal penalties; amends §560.125, F.S.; revises criminal and civil penalties for certain violations relating to unlicensed activity involving money services businesses and deferred presentment providers; amends §560.204, F.S.; revises provisions related to certain prohibited activities without a license or an exemption; revises the definition of the term “compensation”; amends §560.208, F.S.; revises requirements for a money transmitter or payment instrument seller to conduct business; amends §560.2085, F.S.; revises requirements for written contracts between money transmitters or payment instrument sellers and authorized vendors; amends §560.210, F.S.; requires money transmitters that receive virtual currency for specified purposes to hold a certain type and amount of virtual currency until the transmission obligation is completed; excludes such virtual currency in the calculation of permissible investments; amends §560.211, F.S.; revises recordkeeping requirements for money transmitters or payment instrument sellers; amends §560.212, F.S.; and revises financial liability requirements for money transmitters or payment instrument sellers.

Georgia

HB 1342

Amends Code §48-8-3 of the Official Code of Georgia Annotated, relating to exemptions from sales and use tax, so as to exempt the sale or use of electricity used in the commercial mining of digital assets; provides for definitions; provides for related matters; repeals conflicting laws; and for other purposes.

Guam

None

 

Hawaii

HB 2108
To conference committee 4/18/22
SB 3076

Establishes a program for the licensure, regulation, and oversight of digital currency companies.

Hawaii

HB 2287
SB 2697

Excludes the electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies from the Money Transmitters Act.

Hawaii

HB 2384
SB 3025
Passed Senate 3/8/22

Creates a licensing scheme for digital currency companies to be regulated by the Department of Commerce and Consumer Affairs' Division of Financial Institutions. Continues the study of use cases by the Hawaii Technology Development Corporation. Appropriates funds.

Hawaii

HCR 115
HR 115
Adopted 4/7/22
SCR 30
SR 25

Requests the department of commerce and consumer affairs' division of financial institutions and the Hawaii technology development corporation to extend the digital currency innovation lab pilot project until June 30, 2024, or until legislation is enacted that provides for a digital currency licensure program, whichever occurs first.

Hawaii

SB 2695
Sent to governor 5/6/22

Establishes a Blockchain and Cryptocurrency Task Force.

Hawaii

SB 2696

Allows the director of Finance to authorize any state agency to enter into virtual currency payment agreements with persons or virtual currency issuers to provide the acceptance of convertible virtual currency as a means of payment. Allows any state agency that enters into a virtual currency payment agreement with a person or virtual currency issuer as authorized by the director of Finance to accept convertible virtual currency.

Hawaii

SB 2698

Prohibits any encumbrance on the right to own, possess, and use any medium of exchange.

Hawaii

SCR 31
SR 26

Requests the department of commerce and consumer affairs to create a task force to study the approval of blockchain technology and cryptocurrency in the state.

Idaho

HB 465

Relates to digital assets; amends title 28, Idaho Code, by the addition of a new chapter 53, title 28, Idaho Code, to provide a short title, provide scope, to define terms, to provide for classification of digital assets, to provide for purchase and sale of digital assets, and provide for perfection by possession or control.

Idaho

HB 583
Signed by governor 3/28/22, Chapter 284

Adds to existing law to provide for classification of digital assets; provides for purchase and sale of digital assets; provides for perfection by possession or control of digital assets.

Illinois

HB 5287
Passed House 2/24/22

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that, the Department of Revenue may adopt rules for payment by cryptocurrency of any amount due under any Act administered by the department only when the department is not required to pay a discount fee or charge to convert the cryptocurrency to U.S. dollars. Defines "cryptocurrency".

Illinois

HB 5427

Amends the Blockchain Technology Act. Sets forth provisions concerning the purpose and findings of the Blockchain Technology Act. Provides that a court shall permit discovery of electronic records if the existence or ownership of a digital asset secured by a blockchain is factually in dispute. Sets forth provisions concerning permissible discovery of facts and information concerning digital assets and discovery procedures for digital assets. Provides that a court may order that the party with ownership or control over an account generate a test transaction in an amount not to exceed $1 to prove ownership or control over the account. Provides that a party holding a digital asset where the nature and type of the digital asset is at issue in the case may shield the need for disclosure if it posts security with the court for a comparable value for the digital asset in question if the value of the digital asset can be assessed, or for a value that is reasonably correlated to the estimated value of any judgment. Provides that a party seeking to validate or challenge the nature, accuracy, or propriety of a vote taken in connection with a decentralized autonomous organization shall be allowed discovery sufficient to describe the nature and type of vote or votes being taken. Provides that the provisions are repealed 5 years after the effective date of the amendatory Act. Creates the Digital Asset Discovery Task Force to conduct a review of the court-ordered discovery of digital asset procedures. Sets forth provisions concerning the Task Force's members, administrative support, and compensation. Provides that the Task Force shall submit a report containing its findings and any recommendations to the Supreme Court and the General Assembly by Jan. 1, 2023. Provides that the Task Force is dissolved on Jan. 1, 2024.

Illinois

SB 3435

Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the state for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a state bank or convert to a state bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets.

Illinois

SB 3643

Amends the Civil Administrative Code of Illinois. Defines "cryptocurrency" and "cryptocurrency mining." Modifies "qualifying Illinois Data center" to include data centers engaged in cryptocurrency mining over a 60-month period that may begin no earlier than 60 months prior the effective date of this Act; or data centers engaged in cryptocurrency commencing before the effective date of this Act and ending after the effective date of this Act in the case of a data center.

Indiana

SB 351
Signed by governor 3/14/22, Public Law 110

Adds a new chapter to the Uniform Commercial Code (UCC) that governs transactions involving controllable electronic records and that does the following: (1) Defines "controllable electronic records." (2) Establishes the following: (A) The extent to which a purchaser acquires rights and interests in controllable electronic records. (B) The circumstances under which a qualifying purchaser acquires rights in a controllable electronic record free of any adverse claim. (C) The conditions that must be satisfied for a person to be considered to have control over controllable electronic records. Amends certain sections in the UCC chapter concerning secured transactions to reference controllable electronic records and to provide for the perfection of a security interest in controllable electronic records by: (1) control; or (2) the filing of a financing statement. Amends the Indiana statute concerning unclaimed personal property to: (1) add a definition of "controllable electronic record" in that statute; and (2) authorize (rather than require, as specified in current law) the attorney general to adopt rules regarding virtual currency, controllable electronic records, and digital assets, to the extent such rules are consistent with, and not otherwise covered by: (A) the bill's provisions; or (B) any other Indiana law concerning virtual currency, controllable electronic records, or digital assets.

Iowa

HF 2445
Sent to governor 6/3/22

This bill creates a new article within Code chapter 554, Iowa’s version of the uniform commercial code (UCC) covering commercial transactions involving controllable electronic records.

Iowa

SF 2333
Substituted 5/23/22

This bill creates a new article within Code chapter 554, Iowa’s version of the uniform commercial code (UCC) covering commercial transactions involving controllable electronic records.

Kansas

None

 

Kentucky

HB 387

Amends KRS 139.516 to define "computing system node" and exempts it from sales and use tax; applies to transactions occurring on or after July 1, 2021.

Kentucky

HB 724

Establishes subtitle 53 of KRS chapter 304 to establish definitions, purpose, and interpretation of Insurance and Related Innovation Sandbox Law; establishes director of innovation within the Department of Insurance; establishes duties of the director of innovation; establishes procedures, parameters, and application process for obtaining a waiver or no-action letter with respect to specified requirements imposed by statute or regulation for insurance-related innovations; establishes procedures and parameters for obtaining an innovative insurer license; establishes procedures and parameters for reviewing and accepting or rejecting applications, the testing phase of an innovation, and the issuance of extended no-action letters; provides for the confidentiality of certain documents, materials, or other information created, produced, obtained, or disclosed in relation to the subtitle; establishes the Kentucky Innovation Council; requires the commissioner of insurance and other applicable agencies to adopt uniform procedures, by administrative regulation or cooperation agreement, for the administration of the subtitle; requires the commissioner of insurance and other applicable agencies to enter into any interstate innovation compact or memorandum of understanding and cooperation agreement necessary to carry out the purposes of the subtitle; establishes procedures and parameters for any interstate innovation compact or memorandum of understanding and cooperation agreement; authorizes information sharing with the insurance supervisory official of any state, province, or country; requires the commissioner of insurance and any applicable agency to report to the Interim Joint Committee on Banking and Insurance; amends KRS 304.10-030 and 304.10-040 to permit surplus lines insurance to be procured from a domestic surplus lines insurer; amends KRS 304.2-120 to permit licensees to make electronic notices; requires notices and orders of the commissioner of insurance be served electronically; amends KRS 304.1-120 and 304.11-030 to conform; amends KRS 91A.080 to exempt sandbox participants and innovative insurers from local government premium tax; amends KRS 154.32-010 to add or modify definitions related to insurance innovators; amends KRS 154.32-020 to allow an insurance innovator to qualify for an economic development project and to include within the allowable incentives the insurance premiums taxes paid to the Commonwealth; makes conforming changes and require reporting to the Interim Joint Committee on Appropriations and Revenue; amends KRS 154.32-070 to conform; creates new sections of KRS Chapter 136 to allow the insurance innovator tax credit and to order the various tax credits allowable; amends KRS 131.190 to allow reporting on the tax credit data; repeals KRS 304.3-700 to 304.3-735, relating to insurance regulatory sandbox laws; provides that §1 to §15 of Act may be cited as the Insurance and Related Innovation Sandbox Law.

Kentucky

SB 16

Creates a new Subtitle 12 of KRS Chapter 286 to establish special purpose depository institutions that engage in a nonlending banking business; establishes findings and purposes for subtitle; provides for the organization, powers, and chartering of the institution; requires directors to take oaths; establishes capital, bonding, contingency, and insurance requirements; establishes requirements for offering depository accounts and other services; provides that certain provisions of Subtitle 3 of KRS Chapter 286 shall apply to the institutions; establishes branching requirements for in-state and out-of-state institutions; provides for administrative appeals; requires the commissioner of financial institutions to adopt administrative regulations to implement the subtitle; establishes administrative penalties and procedures for violations of the subtitle; establishes when the commissioner shall close an institution for liquidation; establishes procedures for voluntary dissolution; amends KRS 286.1-011 and 286.2-685 to conform; amends KRS 286.2-040 to allow the commissioner to examine special purpose depository institution service providers; requires the commissioner to promulgate administrative regulations to implement the Act on or before Oct. 1, 2022.

Kentucky

SB 17

Establishes KRS Chapter 355A and creates new sections thereof to define and establish property classifications for digital assets; supplements and modifies provisions of the Uniform Commercial Code, KRS Chapter 355, relating to the classification, perfection, and priority of digital assets; allows debtors located in Kentucky to file a financial statement with the secretary of state to perfect a security interest in a digital asset; establishes when a transferee takes a digital asset free of any security interest perfected by filing; for purposes of Article 9 of KRS Chapter 355, establishes when digital assets are located in Kentucky; classifies open blockchain tokens with certain characteristics as intangible personal property; requires developers and sellers of certain open blockchain tokens to file a notice of intent with the secretary of state, and pay a filing fee, prior to sale in this state; requires the secretary of state to promulgate forms and make the forms accessible to filers; requires facilitators of certain open blockchain tokens in the resale market to comply with certain requirements; establishes penalties for violation of the section; provides that the secretary of state may make referrals to law enforcement agencies; provides that section may be cited as the Kentucky Utility Token Act; creates a new section of Subtitle 2 of KRS Chapter 286 to permit certain Kentucky financial institutions to elect to provide custodial services of customer currency and digital assets in accordance with the provisions of the section; establishes internal control and customer contracting requirements for providing custodial services under the section; provides that digital assets held in custody under the section are not depository liabilities or assets of the financial institution; requires the commissioner of financial institutions to establish a supervision fee; creates a new section of Article 1 of KRS Chapter 355 to conform; amends KRS 369.103 to include transactions involving digital assets; provides that the secretary of state and the commissioner of financial institutions shall promulgate administrative regulations to implement the Act on or before Oct. 1, 2022.

Kentucky

SB 67

Establishes a new Article 12 of KRS Chapter 355, titled "Controllable Electronic Records"; establishes definitions, scope, purchaser rights, debtor discharge obligations, control requirements, and jurisdictional rules relating to controllable electronic records; amends KRS 355.3-104, 355.3-105, and 355.3-604 to modify requirements relating to instruments; amends KRS 355.1-201 and 355.9-102 to make various definitional revisions and conforming amendments; amends KRS 355.4-406 to modify bank statement of account requirements; amends KRS 355.4A-103, 355.4A-201, 355.4A-202, 355.4A-203, 355.4A-207, 355.4A-208, 355.4A-210, and 355.4A-211 to modify definitions, security procedure requirements, payment order requirements, and documentation requirements relating to funds transfers; amends KRS 355.5-102 to establish a definition for "signed"; repeals and reenacts KRS 355.7-106 and 355.9-105, and creates new sections of Article 9 of KRS Chapter 355, to establish control requirements for an electronic copy of a document of title, a record evidencing chattel paper, intangible money, controllable accounts, and controllable payment intangibles; amends KRS 355.9-301 to establish jurisdictional rules for tangible records evidencing chattel paper; creates a new section of Article 9 of KRS Chapter 355 to establish perfection and priority jurisdictional rules for controllable electronic records; amends KRS 355.9-203, 355.9-207, 355.9-208, 355.9-308, 355.9-310, 355.9-312, 355.9-316, 355.9-317, 355.9-330, 355.9-332, 355.9-406, 355.9-605, and 355.9-628, and creates new sections of Article 9 of KRS Chapter 355, to govern security interests in controllable electronic records, intangible money, and chattel paper; amends KRS 355.1-204, 355.2A-103, 355.8-103, 355.9-313, 355.9-314, 355.9-331, 355.9-338, 355.9-601, 367.976, and 369.116 to conform; makes technical corrections throughout.

Kentucky

SB 340

Amends KRS 154.27-010 to define "colocation facility" and "computing system node"; amends KRS 154.27-020 to provide sales tax incentives on purchase of computing system nodes; amends KRS 154.27-030 to prevent delays in processing application; allows the authority to issue preliminary and final approval at the same meeting; amends KRS 154.27-070 to allow certain incentives for colocation facilities as of the date of application once final approval is received.

Louisiana

HB 170

Allows a candidate to receive campaign contributions in the form of cryptocurrency.

Louisiana

HB 741

Requires the Department of Revenue to accept virtual currency as a form of payment of taxes, licenses, fees, penalties, and interest due to the state.

Louisiana

HB 802
Enrolled 6/2/22

Allows financial institutions and trust companies to serve as custodians of digital assets.

Louisiana

HB 804

Provides relative to blockchain tokens.

Louisiana

HB 985

Designates virtual currency as a form of legal tender in this state; provides definitions; removes a restriction from the definition of virtual currency; and provides for related matters.

Louisiana

HCR 103
Adopted 6/2/22

Directs the Cash Management Review Board to consider and report on ways the state can utilize cryptocurrency.

Louisiana

HCR 104
Passed House 5/25/22

Urges and requests the Department of Revenue to study and report on the feasibility of accepting virtual currency as a form of payment of taxes, licenses, fees, penalties, and interest due to the state.

Louisiana

HR 180
Adopted 6/6/22

Urges and requests the Supervisory Committee on Campaign Finance Disclosure to study issues surrounding the acceptance of campaign contributions in the form of cryptocurrency and to report its findings, including any recommended legislation, to the House Committee on House and Governmental Affairs not later than 60 days prior to the 2023 Regular Session.

 

Maine

None

 

Maryland

None

 

Massachusetts

HB 126

Establishes a special commission (including members of the General Court) on blockchain and cryptocurrency.

Massachusetts

HB 4513

Establishes a special commission on blockchain and cryptocurrency.

Michigan

SB 888

Establishes the blockchain and cryptocurrency commission.

Minnesota

HF 2730

Allows certificate tokens to be issued in place of shares of stock; amends Minnesota Statutes 2020, §302A.011, by adding subdivisions; §302A.111, subdivision 4; §302A.401, by adding a subdivision.

Minnesota

HF 2835
SF 2940

Allows for the use of electronic networks and databases to record stock ownership and other records; amending Minnesota Statutes 2020, §302A.011, subdivision 60; §302A.015, subdivision 1; §302A.461, subdivision 6.

Minnesota

HF 3607

Requires that a dental provider contract must include a method of payment for dental care services in which no fees associated with the method of payment, including credit card fees and fees related to payment in the form of digital or virtual currency, are incurred by the dentist or dental clinic. Any fees that may be incurred from a payment must be disclosed to a dentist prior to entering into or renewing a dental provider contract. For purposes of this section, fees related to a provider's electronic claims processing vendor, financial institution, or other vendor used by a provider to facilitate the submission of claims are excluded.

Minnesota

HF 4355
Indefinitely postponed 4/28/22

Relates to state government; appropriates money for economic development, labor and industry, energy, and commerce; makes policy and technical changes; requires reports; authorizes rulemaking; provides penalties. Requires that a dental provider contract must include a method of payment for dental care services in which no fees associated with the method of payment, including credit card fees and fees related to payment in the form of digital or virtual currency, are incurred by the dentist or dental clinic. Any fees that may be incurred from a payment must be disclosed to a dentist prior to entering into or renewing a dental provider contract. For purposes of this section, fees related to a provider's electronic claims processing vendor, financial institution, or other vendor used by a provider to facilitate the submission of claims are excluded.

Mississippi

HB 1152
Died in committee 2/1/22

Amends §75-15-3 to define the term "virtual currency"; amends §75-15-7, which relates to the Mississippi money transmitters act, to provide an exemption for 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 of the United States by any means; and for related purposes.

Mississippi

HB 1153
Died in committee 2/1/22

Authorizes security interests in digital assets; defines certain terms relating to digital assets; classifies digital assets as property; authorizes banks to provide custodial services for digital asset property; brings forward §§75-71-102, 75-71-103, 75-71-104, 75-71-105, 75-71-201, 75-71-202, 75-71-203, 75-71-204, 75-71-301, 75-71-302, 75-71-303, 75-71-304, 75-71-305, 75-71-306, 75-71-307, 75-71-310, 75-71-401, 75-71-402, 75-71-403, 75-71-404, 75-71-405, 75-71-406, 75-71-407, 75-71-408, 75-71-409, 75-71-410, 75-71-411, 75-71-412, 75-71-413, 75-71-501, 75-71-502, 75-71-503, 75-71-504, 75-71-505, 75-71-506, 75-71-507, 75-71-508, 75-71-509, 75-71-510, 75-71-601, 75-71-602, 75-71-603, 75-71-604, 75-71-605, 75-71-606, 75-71-607, 75-71-608, 75-71-609, 75-71-610, 75-71-611, 75-71-612, 75-71-613, 75-71-701, 75-15-3, 75-15-5, 75-15-7, 75-15-9, 75-15-11, 75-15-12, 75-15-13, 75-15-15, 75-15-17, 75-15-19, 75-15-21, 75-15-23, 75-15-25, 75-15-27, 75-15-29, 75-15-31, 75-15-32, 75-15-33 and 75-15-35, which relate to the Mississippi securities act and the Mississippi money transmitters act; for purposes of possible amendment; and for related purposes.

Mississippi

HB 1154
Died in committee 2/1/22

Provides that a person who develops, sells or facilitates the exchange of an open blockchain token is not subject to certain securities and money transmission laws; authorizes certain verification authority to the secretary of state; amends §75-15-7 to provide an exemption for a person who develops, sells or facilitates the exchange of an open blockchain token; amends §75-71-102 to revise the definitions of the terms "broker-dealer" and "security" to provide that the terms do not include a person who develops, sells or facilitates the exchange of an open blockchain token; amends §75-17-412 to provide that if the secretary of state has reason to believe a person is engaged in or is about to engage certain activities relating to blockchain tokens, without meeting certain exemption requirements, the secretary of state may issue an order to show cause why an order to cease and desist the activity should not be issued; brings forward §§75-71-201, 75-71-202, 75-71-203, and 75-71-204, which relate to exemptions from registration requirements of certain securities, for purposes of possible amendment; brings forward §75-71-401, which relates to broker-dealer registration requirement and exemptions, for purposes of possible amendment; and for related purposes.

Mississippi

SB 2631
Died in committee 2/1/22

Amends §75-15-3 to enact a definition of virtual currency; amends §75-15-7 to exempt virtual currencies from the Mississippi money transmitters act; and for related purposes.

Mississippi

SB 2632
Died in committee 2/1/22

Creates a digital asset act; classifies digital assets; 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 custodians; specifies standards and procedures for custodial services under this act; clarifies the jurisdiction of Mississippi courts relating to digital assets; authorizes a supervision fee; amends §81-5-33 concerning powers of banks in regard to trusts to conform; and for related purposes.

Mississippi

SB 2633
Died in committee 2/1/22

Creates the new §75-71-206 to create an exemption for open blockchain tokens from securities laws; amends §75-71-102 to revise definitions under the Mississippi securities act of 2010 to conform; amends §75-15-7 to revise exemptions under the Mississippi money transmitters act to conform; amends §75-15-32 to clarify the authority of the commissioner to investigate suspected violations of the Mississippi money transmitters act even if a blockchain token exemption is asserted; and for related purposes.

Missouri

HB 1472
Sent to governor 5/18/22

Currently, the offense of money laundering involves a currency transaction. This bill modifies the offense of money laundering to specify a financial transaction. The bill adds a definition for "cryptocurrency" which is a digital currency in which transactions are verified and records are maintained by a decentralized system using cryptography. The bill replaces the definitions of "currency" with one for "monetary instruments" and it adds definitions for "financial transaction" and "transaction". The definition of "financial transaction" involves the movement of funds by wire or other means, including blockchain, and involves the use of a financial institution as defined under federal law.

Missouri

HB 1637
Passed House 4/11/22

Establishes offenses related to teller machines, defined as an automated teller machine (ATM) or interactive teller machine (ITM) is a remote computer terminal owned or controlled by a financial institution or a private business that allows individuals to obtain financial services including obtaining cash, transferring or transmitting money or digital currencies, payment of bills, loading money or digital currency to a payment card or other device without physical in-person assistance from another person. "Teller machine" does not include personally owned electronic devices used to access financial services.

Missouri

HB 1638

This bill modifies the statute related to the offense of money laundering. It replaces the definitions of "currency" with one for "monetary instruments" and it adds definitions for "financial transaction" and "transaction". The bill also replaces the term "currency transaction" with "financial transaction" in the factors establishing the offense. Includes cryptocurrency in definition of monetary instruments.

Missouri

HB 2127
Passed House 4/4/22

This bill adds damaging or making a "teller machine", as defined in the bill, inoperable to the offense of property damage in the first degree. This offense is a class D felony; a class C felony if committed for the purpose of executing any scheme or artifice to defraud or obtain any property that exceeds $750 or the damage to the teller machine exceeds $750; and a class B felony if the damage committed was to obtain the personal financial credentials of another person. This bill describes the offense of tampering with a teller machine and makes it a class D felony, unless the offense is for the purpose of executing any scheme to defraud or obtain any property valued at $1000 or more or damage to the teller machine of $1000 or more, in which case it is a class C felony. The bill also provides that the offense of stealing is a Class C felony if the property is a teller machine or the contents of a teller machine regardless of the value or amount of cash. Includes digital currencies.

Missouri

HB 2571
Passed House 4/19/22

Establishes offenses related to teller machines, defined as an automated teller machine (ATM) or interactive teller machine (ITM) is a remote computer terminal owned or controlled by a financial institution or a private business that allows individuals to obtain financial services including obtaining cash, transferring or transmitting money or digital currencies, payment of bills, loading money or digital currency to a payment card or other device without physical in-person assistance from another person. "Teller machine" does not include personally owned electronic devices used to access financial services.

Missouri

HB 2672

This bill exempts virtual currencies, described as a type of digital representation that is used as a medium of exchange and not recognized as legal tender by the U.S. government, from taxation. This bill defines several terms including an "open blockchain token" which is defined as a digital unit that is created using a combination of methods described in the bill, recorded to a digital ledger or database which may include a blockchain, is capable of being traded or transferred between persons, and is not a virtual currency or a digital security. The bill describes characteristics that make an open blockchain token intangible personal property. This bill provides that before making an open blockchain token available for sale, the developer or seller of a token shall electronically file a notice of intent with the secretary of state (SoS) and pay a filing fee of $1,000 to offset the costs of administering the provisions. The SoS will prepare a form that includes a secure electronic form that is conspicuously posted on its internet website. This bill provides that 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, is not subject to the "Sale of Checks Law" set out in §§361.700 to 361.727, RSMo.

Missouri

HB 2697
Passed House 4/6/22

Establishes offenses related to teller machines, defined as an automated teller machine (ATM) or interactive teller machine (ITM) is a remote computer terminal owned or controlled by a financial institution or a private business that allows individuals to obtain financial services including obtaining cash, transferring or transmitting money or digital currencies, payment of bills, loading money or digital currency to a payment card or other device without physical in-person assistance from another person. "Teller machine" does not include personally owned electronic devices used to access financial services.

Missouri

SB 831

This bill creates the offense of tampering with a teller machine if he or she knowingly and without authorization or without reasonable grounds to believe that he or she has such authorization modifies or damages a teller machine or otherwise renders a teller machine inoperable. Such offense shall be a class D felony, unless the offense is committed for the purpose of defrauding or obtaining property over $1,000 or obtaining the personal financial credentials of another person, in which case it is a Class C felony. It shall also be a Class C felony if the damage to the teller machine is over $1,000. This bill also adds that the offense of stealing is a Class C felony if the property is a teller machine or the contents of a teller machine, as defined in the act, regardless of the value of the amount taken. Includes digital currencies.

Montana

No regular 2022 legislative session

 

Nebraska

LB 648

Adopts the Transactions in Digital Assets Act.

Nebraska

LB 707
Signed by governor 4/18/22

Changes provisions relating to banks, financial institutions, bank subsidiaries, and residential mortgage loans; to adopt updates to federal law relating to banks, financial institutions, securities, money transmitters, commodities, financial exploitation of vulnerable adults, digital asset depository institutions, credit unions, transactions involving franchises, consumer rental purchase agreements, and funds transfers; provides for a limitation under the Nebraska Financial Innovation Act on digital asset and cryptocurrency custody services and changes provisions related to liquid assets; changes provisions relating to creditors' claims against settlors and powers of trustees under the Nebraska Uniform Trust Code; changes definitions under the Nebraska Investment Finance Authority Act and changes provisions relating to the powers of the authority; recognizes Juneteenth National Independence Day as a bank holiday; changes provisions relating to continuing education, experience, educational requirements, and credentials for real property appraisers and public funds; changes and eliminate provisions regarding auctioneers and licensure under the Nebraska Real Estate License Act; harmonizes provisions; provides operative dates; provides severability; repeals the original sections; outright repeals §§81-887.01 and 81-887.02, Reissue Revised Statutes of Nebraska; and declares an emergency.

Nebraska

LB 993

Provides for a limitation on digital asset and cryptocurrency custody services.

Nebraska

LB 1187

Amend §§1-201, 9-102, 9-107A, 9-301, 9-310, 9-312, 9-314, 9-331, 9-406, 12-101, 12-101A, 12-102, 12-103, 12-104, 12-105, 12-106, 12-107, 12-108, and 12-109, Uniform Commercial Code, Revised Statutes Supplement, 2021; changes provisions relating to controllable electronic records; repeals the original sections; and declares an emergency.

Nevada

No regular 2022 legislative session

 

New Hampshire

HB 1502

This bill specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets, allows banks to provide custodial services for digital asset property and provides procedures for the provision of custodial services.

New Hampshire

HB 1503
Passed both chambers 5/26/22

Exempts the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws; adopts the Uniform Commercial Code on controllable electronic records; establishes the requirement, as well as waiver and fraud processes, for the use of American made steel products in all public works projects where the state administers the contract and the contract involves at least specified amount of state dollars.

New Hampshire

HB 1504
Failed to pass House 2/16/22

This bill establishes a special class of depository institutions, creates regulations pertaining to them, and amends existing law to allow for the special class in the regulatory scheme of banking within the state.

New Jersey

AB 385

Requires the Department of Treasury to review and approve a digital payment platform.

New Jersey

AB 1975
SB 1267

Creates the Virtual Currency and Blockchain Regulation Act.

New Jersey

AB 2371
SB 1756

Creates the Digital Asset and Blockchain Technology Act.

New Jersey

AB 3287

Prohibits public officials from accepting virtual currency and non-fungible tokens as gifts.

New Mexico

None

 

New York

AB 3099
SB 5643

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 3336

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

New York

AB 3747

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 3860
SB 5042

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

New York

AB 3906

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

New York

AB 7389
Passed both chambers 6/2/22
SB 6486
Substituted 6/2/22

Establishes a moratorium on the operation of cryptocurrency mining centers; provides that operation of a cryptocurrency mining center shall only be authorized following completion of a full generic environmental impact statement review and a finding that such center will not adversely affect the state greenhouse gas emission targets in the climate leadership and community protection act of 2019; provides for the repeal of such provisions upon expiration thereof.

New York

AB 7742
Substituted 6/2/22
SB 9360
Passed both chambers 6/2/22

Includes unclaimed virtual currency as abandoned property; authorizes regulations recognizing electronic communication as written contact; and requires reporting unclaimed property belonging to deceased persons.

New York

AB 7849
SB 7500

Requires the superintendent of the department of financial services to assess persons regulated under the financial services law that engage in virtual currency business activity for the operating expenses of the department that are solely attributable to regulating such persons.

New York

AB 7866
SB 6584

Directs the New York state energy research and development authority to conduct a study on powering cryptocurrency mining facilities with renewable energy.

New York

AB 8598

Prohibits the investment of certain public funds with companies conducting a cryptocurrency business activity; directs the comptroller to take appropriate action to sell, redeem, divest or withdraw any investment held in such company.

New York

AB 8820
SB 8839

Establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens.

New York

AB 9009
Substituted 4/7/22
SB 8009
Signed by governor 4/9/22, Chapter 59

Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2022-2023 state fiscal year; expands the definition of financial institution under the financial institution data match program to include licensed virtual currency businesses (Part X).

New York

AB 9028

Requires certain disclosures in advertisements involving virtual tokens.

New York

AB 9029
SB 9410

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens.

New York

AB 9086
SB 7272

Relates to reporting of cryptocurrency holdings on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

New York

AB 9275
Passed both chambers 6/3/22
SB 8343
Passed Senate 6/2/22

Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

New York

SB 5044

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.

New York

SB 8838

Requires certain disclosures in advertisements involving virtual tokens.

New York

SB 9275
Enacting clause stricken 5/25/22

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens.

North Carolina

HB 631
SB 688
Passed Senate 8/19/21

Authorizes and regulates sports wagering, includes digital and cryptocurrency in definition of cash equivalent.

North Dakota

No regular 2022 legislative session

 

N. Mariana Islands

Not available

 

Ohio

HB 348
Passed House 12/9/21

Amends §§122.58, 169.01, 169.02, 169.03, 169.05, 169.06, 169.07, 169.08, 169.09, 169.12, 169.16, 169.99, and 5703.21; enacts §§169.091, 169.18, and 169.19; and repeals §169.10 of the Revised Code to make changes to the Unclaimed Funds Law. Includes virtual currency.

Ohio

HB 585

Amends §§1101.01, 1309.201, 1315.02, and 5726.01 and enacts §§1120.01, 1120.02, 1120.03, 1120.04, 1120.05, 1120.06, 1120.07, 1120.08, 1120.09, 1120.10, 1120.11, 1120.14, 1120.15, 1120.16, 1120.17, 1120.171, 1120.18, 1120.19, 1120.20, 1120.21, 1120.22, 1120.23, 1120.24, 1120.25, 1120.26, 1308.62, 1309.801, 1314.01, 1314.02, 1314.03, 1314.04, 1706.90, 1706.901, 1706.902, 1706.903, 1706.904, 1706.905, 1706.906, 1706.907, 1706.908, 1706.909, 1706.9010, 1706.9011, and 1706.9012 of the Revised Code to create a special purpose depository institution charter, to provide for the formation and management of decentralized autonomous organization LLCs, to amend the Uniform Commercial Code to address the classification of and perfection of security interests in digital assets, and to allow banks to provide custodial services of digital assets.

Oklahoma

HB 3127

Relates to cryptocurrency; enacts the Oklahoma Cryptocurrency Policy Act of 2022; provides for non-codification; provides an effective date.

Oklahoma

HB 3169

Relates to cryptocurrency; creates the Oklahoma Cryptocurrency Act of 2022; provides for non-codification; provides an effective date.

Oklahoma

HB 3279
Passed House 3/15/22

Relates to technology; creates the Oklahoma Distributed Ledger Technology Assets Offering Act; provides legislative findings; requires act be used to regulate medical marijuana; defines terms; authorizes state to develop and use distributed ledger technologies; requires certain software; requires certain security and legal requirements; permits use of certain smartphone applications; authorizes additional uses; requires certain software features; limits use of convertible virtual currency; prescribes value of convertible virtual currency; provides requirements for digital and smart contracts; requires a digital identity and wallet; prohibits use of convertible virtual currency as an investment; requires use of decision tree; requires separate digital contract to charge a fee; prescribes procedure for payment; requires ecosystem operator to collect fees and taxes; requires ecosystem operator to perform certain accounting; prescribes method of compensation; requires ecosystem operator to provide certain information; requires the Oklahoma Tax Commission and Office of Management and Enterprise Services to make certain determinations; authorizes the Tax Commission, Office of Management and Enterprise Services, secretary of state, and state treasurer to promulgate rules; allows payment of taxes from certain sources; permits Tax Commission to appoint agents for certain purposes; creates requirements for distributed ledger technology asset offering agents; creates requirements for distributed ledger technology asset offering ecosystem operators; authorizes the Tax Commission and Office of Management and Enterprise Services to promulgate rules to validate transactions; allows certain contracts; allows use of memorandums of understanding; allows certain working groups; prohibits certification as a class action; requires certain security in action under this act; provides for severability; provides for non-codification; provides for codification; and provides an effective date.

Oklahoma

HB 4046

Relates to revenue and taxation; relates to manufacturing facilities; adds commercial mining of cryptocurrency to definition; defines terms; requires annual filing; provides an effective date.

Oklahoma

SB 590
To conference committee 5/3/22

Relates to digital asset mining; creates the Commercial Digital Asset Mining Act of 2022; states intent; defines terms; provides sales tax exemption for the sale of certain equipment and machinery.

Oklahoma

SB 1425

Relates to the State Uniform Securities Act of 2004; includes cryptocurrency and non-fungible tokens in the definition of a security.

Oklahoma

SB 1519

Relates to local government; allows municipalities to accept cryptocurrency payments; relates to powers of the board of county commissioners; allows county commissioners to accept cryptocurrency payments; provides for codification; declares an emergency.

Oregon

None

 

Pennsylvania

HB 1724

Establishes a task force on digital currency and the impact on widespread use of cryptocurrency and other forms of digital currencies in this Commonwealth.

Pennsylvania

HB 2512

Relates to real property; provides for disclosure of real property transactions. Includes virtual currency in the definition of cash.

Pennsylvania

SB 399

Relates to public officers, in ethics standards and financial disclosure; provides for definitions, for restricted activities and for penalties. Includes virtual currency in definition.

Pennsylvania

SB 401

Relates to public officers, in ethics standards and financial disclosure; provides for definitions, for restricted activities, for statement of financial interests and for penalties; relates to lobbying disclosure; provides for definitions, for reporting and for penalties; relates to Turnpike Commission standards of conduct; provides for code of conduct. Includes virtual currency.

Pennsylvania

SB 1053

Further provides for definitions and for electronic toll collection, includes cryptocurrency as an alternative electronic payment option.

Pennsylvania

SB 1262

Provides for emerging technologies. Defines cryptocurrency.

Puerto Rico

None

 

Rhode Island

HB 7254

This bill establishes an economic growth blockchain act, sets regulations for the sale of hemp, regulates virtual and digital assets, and establishes depository banks for these purposes.

Rhode Island

HB 8152

Creates the Green Housing Public Private Partnership Act to incentivize the construction of properties with climate emissions reduction goals. Includes cryptocurrency.

A. Samoa

Not available

 

South Carolina

None

 

South Dakota

SB 47
Signed by governor 2/8/22

Revises certain provisions regarding money transmission. Requires a licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers, in lieu of the permissible investments otherwise required in this section.

Tennessee

HB 2643
SB 2855

Establishes the blockchain and cryptocurrency study committee.

Tennessee

HB 2644
SB 2882

Authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens.

Tennessee HB 2645
Signed by governor 4/20/22, Public Chapter 852
SB 2854
Substituted 4/6/22
Enacts provisions governing decentralized organizations.

Tennessee

SB 535
Signed by governor 4/14/22, Public Chapter 861

Prohibits local governmental entities from paying, compensating, awarding, or remitting funds in the form of, or facilitating the conversion of compensation or funds to, blockchain, cryptocurrency, non-fungible tokens, or virtual currency to an individual person, corporation, or other entity (or procuring the services for the performance of any such actions) without the prior written approval of the state treasurer.

Texas

No regular 2022 legislative session

 

Utah

HB 335
Signed by governor 3/24/22, Chapter 363

This bill creates the Blockchain and Digital Innovation Task Force. This bill: creates the Blockchain and Digital Innovation Task Force (the task force); directs the appointment of members to the task force; directs the task force to: develop knowledge and expertise about blockchain and related technologies; and make policy recommendations related to blockchain and related technologies; requires the task force to report annually to the Business and Labor Interim Committee and the Legislative Management Committee; and sets a repeal date for the task force.

Utah

HB 456
Signed by governor 3/24/22, Chapter 405

This bill makes provisions related to the use of digital user assets to make payments to participating government agencies and political subdivisions. This bill: defines terms; requires the Division of Finance to contract with a third party to accept payments to participating government agencies in the form of digital assets; authorizes the Division of Finance to contract with a third party to accept payments to political subdivisions in the form of digital assets; gives the division rulemaking authority to determine standards a third party must meet to provide the payment service; and describes the assignment of liability with respect to aspects of providing this payment service.

Utah

SB 182
Signed by governor 3/24/22, Chapter 448

This bill establishes a framework for the regulation of digital assets. This bill: defines terms and provides a basis for understanding the ownership of digital assets.

Vermont

HB 515
Signed by governor 5/27/22, Act 139

This bill proposes to make various amendments to Vermont law pertaining to banking, securities, and insurance regulation, including with respect to travel insurance, data security, and whistleblower awards and protection. Provides that a licensee shall register each remote access unit, commonly referred to as a “kiosk,” where a consumer may access money transmission services, including buying or selling virtual currency.

Virginia

HB 263
Signed by governor 4/11/22, Chapter 623

Permits banks in the commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks. The bill defines "virtual currency" and provides that a bank may choose to offer such custody services in a nonfiduciary capacity or a fiduciary capacity. If it chooses to provide such custody services in a fiduciary capacity, it must possess trust powers and have a trust department approved by the State Corporation Commission.

Virginia

HJR 30

Establishes a 20-member, two-year joint subcommittee to identify research and economic development opportunities to inform a statewide, comprehensive, and coordinated strategy and a potential regulatory framework relating to blockchain technology and cryptocurrency.

U.S. Virgin Islands

None

 

Washington

SB 5531
Signed by governor 3/30/22, Chapter 225

Revises and updates the Uniform Unclaimed Property Act and includes virtual currency.

West Virginia

HB 2017

Rewrites the Criminal Code. Includes cryptocurrency in unauthorized currency.

West Virginia

HB 4010

Relates to digital assets and recognizing virtual currency.

West Virginia

HB 4511
Signed by governor 3/28/22, Act 282

Makes numerous amendments to modernize and increase efficiencies in the administration of the Unclaimed Property Act. Includes virtual currencies.

West Virginia

SB 504

Provides statutory framework for treatment of digital assets.

Wisconsin

None

 

Wyoming

HB 113

Requires commercial Wyoming entities that engage in digital asset custodial services to pay a custodian tax; provides conforming amendments; and provides for effective dates.

Wyoming

SF 56
Passed Senate 2/28/22

Allows for the purchase of lottery tickets with virtual currency as specified.

Wyoming

SF 68
Signed by governor 3/9/22, Chapter 36

Relates to corporations; amends statutory provisions regulating decentralized autonomous organizations; amends definitions; makes technical corrections; amends the obligations of members and dissociated members; amends factors for dissolution of a decentralized autonomous organization; repeals definitions and provisions related to decentralized autonomous organizations; and provides for an effective date.

Wyoming

SF 106
Vetoed by governor 3/25/22

Authorizes the state treasurer to issue Wyoming stable tokens as specified; provides definitions; requires rulemaking; requires a report; provides limitations; provides an appropriation; creates an oversight committee; provides for monitoring and independent auditing; and provides for effective dates.

 

 

 

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

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