Cryptocurrency 2021 Legislation – National Conference of State Legislatures


State:

Bill Number:

Bill

Summary:

Alabama

HB 372

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

Alaska

None

 

Arizona

HB 2544
Passed House 2/23/21

Establishes a  blockchain and cryptocurrency study committee.

Arkansas

SB 150

Amends the Uniform Money Services Act, includes virtual currency.

California

None

 

Colorado

None

 

Connecticut

None

 

Delaware

None

 

District of Columbia

None

 

Florida

HB 1351
SB 1758

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 §560.204, F.S.; prohibits certain activities by a person without obtaining a license; revises the definition of the term “compensation”; amends §560.210, F.S.; and provides requirements for a money transmitter that receives virtual currency; excluding virtual currency in the calculation of permissible investments.

Georgia

None

 

Guam

None

 

Hawaii

None

 

Idaho

HB 181

Relates to digital assets; amends title 28, Idaho code, by the addition of a new chapter 53, title 28, Idaho code, provides a short title, defines terms, provides for classification of digital assets as property and provides application to the uniform commercial code, to provide for digital asset custodial services, provides for jurisdiction of Idaho courts, and establishes the Idaho utility token act.

Illinois

HB 854

Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of “virtual currency”. Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner three (rather than seven) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner five years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue’s records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other state databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; U.S. savings bonds; crediting income or gain to owner’s account; and action by a person whose claim is denied.

Illinois HB 3968

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 custody of digital assets, including digital consumer assets, digital securities, and virtual currency.

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Illinois SB 338

Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of “virtual currency”. Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner three (rather than seven) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner five years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue’s records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other state databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; U.S. savings bonds; crediting income or gain to owner’s account; and action by a person whose claim is denied.

Indiana

SB 188
Passed Senate 2/23/21

Repeals the unclaimed property act and replaces it with the revised unclaimed property act. Includes virtual currency.

Iowa

None

 

Kansas

None

 

Kentucky

HB 230

Repeals the unclaimed property act and replaces it with the revised unclaimed property act. Includes virtual currency.

Kentucky SB 134

Amends KRS 286.11-003 to add definitions for “medium of exchange” and “virtual currency”; deletes definition for “monetary value”; amends definition of “money transmission”; makes technical corrections; amends KRS 286.11-007 to conform; amends KRS 286.11-017 and 286.11-021 to modify money transmitter licensing periods and renewal deadlines.

Kentucky SB 177

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, 2021.

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Kentucky SB 178

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, 2021.

Kentucky SB 255

Amends KRS 154.27-010 to define additional terms; amends KRS 154.27-020 to change the name of the program to “Incentives for Energy-related Business” and includes cryptocurrency facilities with a minimum capital investment of $1 million; amends KRS 154.27-030, KRS 154.27-095,154.12-2035, and 353.804. to conform.

Louisiana

None

 

Maine

None

 

Maryland

None

 

Massachusetts

None

 

Michigan

None

 

Minnesota

HF 75 Relates to forfeiture; limits vehicles and other property subject to forfeiture; includes cryptocurrency in the definition of money; provides for recovery of property by innocent owners; modifies participation in the federal equitable sharing program; requires reports; and appropriates money.

Mississippi

None

 

Missouri

HB 1277

Modifies the offense of money laundering, includes virtual currency.

Montana

None

 

Nebraska

LB 648

Adopts the Transactions in Digital Assets Act.

Nebraska

LB 649

Adopts the Nebraska Financial Innovation Act.

Nevada

SB 39

Authorizes the state treasurer, if he or she makes certain determinations and obtains the approval of the State Board of Finance, to enter into a contract to provide for the acceptance of transfers of digital tokens by certain governmental entities that have been approved by the state treasurer to participate in the contract. The bill defines the term “digital token” to mean a digital representation of U.S. dollars that: (1) is converted to and from U.S. dollars by a digital token payment system; and (2) may only be transferred, stored or traded electronically.

Nevada

SB 71

Relates to unclaimed property; revises provisions of the Uniform Unclaimed Property Act. Includes virtual currency.

New Hampshire

None

 

New Jersey

AB 1392

Regulates and establishes certain consumer protections concerning digital currencies.

New Jersey

AB 2155
 

This bill, the “Digital Currency Jobs Creation Act,” establishes a regulatory framework for digital currency businesses to operate in New Jersey and creates certain incentives for digital currency businesses to locate in the state.

New Jersey

AB 2189
SB 3132

Creates the Digital Asset and Blockchain Technology Act.

New Mexico

None

 

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

North Carolina

None

 

North Dakota

HB 1267
Failed to pass House 2/2/21

Creates and enacts §6-09-15.10 of the North Dakota Century Code, relating to cryptocurrency custodian services and exchanges; and to provide for a legislative management report.

North Dakota

HCR 3024
Passed House 2/24/21

Directs the Legislative Management to consider studying the feasibility and desirability of regulating special purpose depository institutions and regulating other entities engaged in virtual currency business activities.

North Dakota

SB 2048
Passed Senate 2/3/21

Relates to the Revised Uniform Unclaimed Property Act; relates to abandoned and unclaimed property; relates to the uniform unclaimed property act; provides for a report; provides a penalty; provides a continuing appropriation. Includes virtual currency.

N. Mariana Islands

Not available

 

Ohio

None

 

Oklahoma

None

 

Oregon

HB 2696

Establishes the Oregon Cash Depository Corporation as independent public corporation and prescribes the corporation’s purposes and powers. Directs the corporation to lease or acquire real property and construct or renovate offices, facilities and business locations throughout the state at which corporation receives, handles, stores and dispenses cash and other valuable property. Establishes the Oregon Cash Depository Corporation Fund in the State Treasury and requires the corporation to deposit all moneys the corporation receives into the fund. Permits the corporation to invest moneys in the fund and a fraction of the corporation’s deposits in accordance with provisions of Act. Subjects the corporation to an annual audit by the secretary of State and requires the corporation to respond to recommendations in the audit report. Requires a study of the corporation’s operations every four years and a report to the Legislative Assembly. Requires the attorney general to defend the corporation and directors, officers and employees of the corporation against a claim or charge brought for actions in performing duties of the corporation.

Pennsylvania

None

 

Puerto Rico

None

 

Rhode Island

HB 5424

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.

South Carolina

HB 3529

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 3589

Enacts the Revised Uniform Unclaimed Property Act of 2021; 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; repeals Chapter 18 of Title 27; relates to the 1988 Uniform Unclaimed Property Act, including subsequent amendments.

South Dakota

HB 1091

Provides provisions for virtual currency in this state.

Tenessee

None

 

Texas

None

 

Utah

None

 

Vermont

None

 

Virginia

None

 

U.S. Virgin Islands

None

 

Washington

None

 

West Virginia

None

 

Wisconsin

None

 

Wyoming

HB 43

Relates to digital assets; amends the definition of digital asset; amends provisions related to the nature of digital assets under commercial law; amends security interest provisions relating to digital assets; specifies the application of commercial law to specific types of digital assets; clarifies provisions related to custody of digital assets by banks; establishes that certain digital assets provisions are consumer protection statutes for commercial law purposes.

Wyoming

SF 38

Relates to corporations; provides for the formation and management of decentralized autonomous organizations and provides definition.

     



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