Virginia Senate Passes Bill Allowing State Banks To Offer Bitcoin Custody Ser...
A bill passed in the Virginian Senate allows banks to offer custodial services for bitcoin in either a fiduciary or non-fiduciary capacity once signed into law.The Senate of the Commonwealth of Virginia passes a bill allowing banks to offer custodial services for bitcoin and other cryptocurrencies. Banks will adhere to self-assessment criteria in order to determine whether or not to offer custodial services. If banks choose to operate as a fiduciary it requires new private keys to be generated for and held by the bank, while non-fiduciary banks allow customers to maintain title....
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Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services. The United States Senate unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services. Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:“A bank may provide its customers with virtual currency....
Per a report from TheStreet, Virginia will allow banks to offer crypto custody services. The state’s House of Delegates recently approved a banking bill last week to pass the legal framework to support the service. Related Reading | SEC’s Gary Gensler Crumbles When Asked If Ethereum Is A Security According to the report, the proposal […]
A bill aimed at getting the state of Utah to accept bitcoin for states services passes its first reading in the Senate. The bill has now passed its first Senate reading having already passed through the House of Representatives with a slim majority of 38 Yes votes against 36 No's. Utah state representative Marc K. Roberts introduced the proposal, Bill H.C.R 6, to the Clerk of the House of Representatives on February 10. “THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, and the Governor concurring therein, recognizes the potential benefits that could come from the....
Utah’s State Senate has exited the Strategic Bitcoin Reserve (SBR) race after amending the proposed bill allowing the state treasury to invest in digital assets. The amended legislation is now headed to Utah Governor Spencer Cox’s desk to be signed into law. Related Reading: Coinbase Hiring Spree: 1,000 Jobs Incoming As Crypto Regulations Improve Utah […]
The race to establish Bitcoin as a state-level strategic reserve asset has taken a decisive step forward in the Beehive State. On February 20, House Bill 230 (HB230), also known as the “Blockchain and Digital Innovation Amendments,” passed the Senate Revenue and Taxation Committee in a 4-2-1 vote. The legislation, which already cleared the state […]