Banks; virtual currency custody services.
Summary
Banks; virtual currency custody services. Permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks. The bill defines "virtual currency" and provides that a bank may choose to offer such custody services in a nonfiduciary capacity or a fiduciary capacity. If it chooses to provide such custody services in a fiduciary capacity, it must possess trust powers and have a trust department approved by the State Corporation Commission.
Bill status
signed
all 5 stages cleared
Introduction
Jan 2022
Committee Review
Feb 2022
House of Delegates Passage
Feb 2022
Senate Passage
Mar 2022
Signed into Law
Apr 2022
Introduced Jan 11, 2022
Signed Apr 11, 2022
Floor votes · Senate Mar 2, 2022 · House of Delegates Feb 2, 2022
How they voted
33–0
Passed
Total votes 33
Mar 2, 2022
D
Democratic17
100% Yea
R
Republican16
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
28
Key actions
9
Committee
8
Amendments
1
Apr 11, 2022
Signed into law
Approved by Governor-Chapter 623 (effective 7/1/22)
executive
Mar 3, 2022
Upper · Passed
Passed Senate (39-Y 0-N)
upper
Mar 2, 2022
Senate · Passed
Senate Vote: pass (33-0)
senate
Feb 28, 2022
Upper · Passed
Reported from Commerce and Labor (15-Y 0-N)
upper
Feb 3, 2022
Committee
Referred to Committee on Commerce and Labor
upper
Feb 2, 2022
Lower · Passed
Read third time and passed House BLOCK VOTE (98-Y 0-N)
lower
Feb 1, 2022
Introduced
Engrossed by House as amended HB263E
lower
Feb 1, 2022
Lower · Passed
Committee amendment agreed to
lower
Jan 27, 2022
Lower · Passed
Reported from Commerce and Energy with amendment(s) (22-Y 0-N)
lower
Jan 25, 2022
Lower · Passed
Subcommittee recommends reporting with amendments (7-Y 0-N)
lower
Jan 25, 2022
Lower · Passed
House subcommittee amendments and substitutes offered
lower
Jan 18, 2022
Committee
Assigned sub: Subcommittee #1
lower
Jan 11, 2022
Committee
Referred to Committee on Commerce and Energy
lower
Jan 11, 2022
Introduced
Prefiled and ordered printed; offered 01/12/22 22100187D
lower
1 primary · 1 co-sponsor
Sponsors
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