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Committee approves bill adding virtual currency to money-transmission law, members raise definition concerns
Summary
Senate Bill 202 would add virtual currency to the money-transmission business law and set parameters for self‑hosted wallets; committee members praised amendments protecting self-hosted wallets but one member said the statutory definition of "virtual currency" is too broad and recorded a no vote in committee.
Senate Bill 202, which would add virtual currency to the state's money-transmission business law and set parameters for self-hosted wallets, was reported out of the Commerce Committee after discussion of definitional and scope issues.
Supporters said the Senate amendment incorporated changes discussed in prior committee hearings to exclude certain self-hosted wallets from unintended coverage under the money-transmission law. Chairman Lawrence said the amendment was an improvement for handling self-hosted wallets, but he expressed concern that the bill's statutory definition of "virtual currency," newly introduced in the legislation, may be too broad and could sweep in unintended activity; he recorded a "no" vote on that basis.
Committee action: The bill had a roll-call vote and passed out of committee. Committee members who spoke in favor urged members to vote yes; members who raised concerns cited the need for a more narrowly tailored definition.
What the committee record does not specify: The transcript does not include the final statutory text of the new definition or a fiscal note in the committee hearing; members requested further drafting clarity on the definition's scope.
