Category: Digital Currency

GAO releases fintech report

In April, the Government Accountability Office (GAO), an independent agency that oversees government spending, released a report on fintech to help Congress better understand the industry. The report focused on the subsectors of marketplace lending, mobile payments, digital wealth management, and distributed ledger technology. Congressional staffers responsible for drafting legislation […]

Vermont changes money transmitter law to formally include virtual currency

On May 1, Vermont changed its money transmitter law to allow companies to hold virtual currency as a permissible investment. Vermont has long held the position that the business of money transmission “includes selling bitcoin and other virtual currencies.” Many digital currency companies with state money transmitter licenses must hold […]

West Virginia defines cryptocurrency in anti-money laundering bill

On April 8, West Virginia passed a new bill (pending the Governor’s signature) that defines cryptocurrency in the context of money laundering. In the bill, “Cryptocurrency” would mean “digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, […]

Washington updates money transmitter law to include virtual currency

On April 17, the state of Washington enacted a new law that, among other things, formally adds virtual currency to its money transmitter law. [Edit: This law goes into effect on July 23, 2017.] The new law incorporates virtual currency into the definition of money transmission. It defines “virtual currency” […]

Utah to treat certain virtual currency as abandoned property

On March 24, Utah modified its Unclaimed Property Act to include virtual currency in its definitions. The law includes virtual currency in the definition of property subject to abandoned property law, and defines virtual currency as “a digital representation of value used as a medium of exchange, unit of account, […]