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Sponsor raises privacy concerns about banks converting deposits to digital currency; bill rolled for more information
Summary
A sponsor described HB 2060 as preventing banks from converting customer deposits into cryptocurrency without consent, citing worries about traceability and program shutdowns; members raised definitional and scope questions and the bill was rolled one week so the sponsor can provide additional materials.
A sponsor presented House Bill 2060 and described it as a measure to prevent banks from converting depositors' funds into cryptocurrency without account-holder consent. The sponsor said such conversions would make transactions highly trackable and raised the possibility—citing foreign examples—of digital access being turned off.
Committee members questioned whether the bill's language was overly broad and how ordinary digital accounting differs from conversion to cryptocurrency; one member asked whether any banks were doing this practice. The sponsor said a federal bill exists that makes certain conversions possible and volunteered to share that information. The committee agreed to roll HB 2060 for one week so the sponsor can supply additional materials and clarify definitions.
