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Committee passes HB 881 to add virtual currency to money transmission law amid definitional debate
Summary
The Commerce Committee passed HB 881 to add virtual currency to the money transmission business law after rejecting an amendment that would have exempted certain digital assets; members debated the bill’s definitions and whether self‑hosted wallets are affected.
House Bill 881, the Conventon bill, which adds virtual currency to the state’s money transmission business law, was approved by the Commerce Committee after members rejected an amendment that would have exempted certain digital assets from the bill’s definition.
The committee first considered Amendment 1300131 (Diorci), which "adds the definition of digital asset and decentralized to the bill, and then goes on to exempt digital…
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