This bill authorizes a state agency to accept cryptocurrency as a method of payment for the provision of government services. Concerns the use of blockchain technology in commerce. Classifies the various types of digital assets as the appropriate type of property, security, or asset under the UCC; classifies a bank providing custodial services of a digital asset as a securities intermediary; establishes that control of a digital asset is the functional equivalent of possessing a physical asset for the purposes of perfecting a security interest in the digital asset; requires an agreement for a secured party to take control of a digital asset; clarifies that a secured party may file with the secretary of state a financing statement to perfect a security interest in proceeds from a digital asset; provides that a transferee takes a digital asset free of any security interest two years after the transferee takes the asset for value if the transferee does not have actual notice of an adverse claim; and clarifies issues of court jurisdiction over digital assets.
Concerns state capital financing managed by the state treasurer; expands the types of collateral that can be used to secure such financing and, if deemed feasible and in the best interest of the state by the state treasurer after a required study is completed, authorizing the use of security token offerings for such financing, and makes an appropriation.
Requires the registration of virtual currency businesses, establishes consumer protections concerning virtual currency, and allows the acceptance of credit and debit cards for the purchase of virtual currency. Establishes the legal nature of digital assets by dividing such assets into three categories of intangible personal property and classifying such assets within the Uniform Commercial Code.
Establishes a program for the licensure, regulation, and oversight of digital currency companies. HB SB Excludes the electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies from the Money Transmitters Act. Creates a licensing scheme for digital currency companies to be regulated by the Department of Commerce and Consumer Affairs' Division of Financial Institutions. Continues the study of use cases by the Hawaii Technology Development Corporation.
Appropriates funds. HCR HR Requests the department of commerce and consumer affairs' division of financial institutions and the Hawaii technology development corporation to extend the digital currency innovation lab pilot project. Allows the director of Finance to authorize any state agency to enter into virtual currency payment agreements with persons or virtual currency issuers to provide the acceptance of convertible virtual currency as a means of payment.
Allows any state agency that enters into a virtual currency payment agreement with a person or virtual currency issuer as authorized by the director of Finance to accept convertible virtual currency. Requests the department of commerce and consumer affairs to create a task force to study the approval of blockchain technology and cryptocurrency in the state. Relates to digital assets; amends title 28, Idaho Code, by the addition of a new chapter 53, title 28, Idaho Code, to provide a short title, provide scope, to define terms, to provide for classification of digital assets, to provide for purchase and sale of digital assets, and provide for perfection by possession or control.
Adds to existing law to provide for classification of digital assets; provides for purchase and sale of digital assets; provides for perfection by possession or control of digital assets. Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Changes the definition of "virtual currency".
Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner three rather than seven years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner five years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator.
Includes a provision regarding identification of apparent owners of abandoned property using other state databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding when tax-deferred and tax-exempt retirement accounts presumed abandoned, U.
Provides that a corporation that has been or shall be incorporated under the general corporation laws of the state for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company.
Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the secretary of Financial and Professional Regulation.
Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a state bank or convert to a state bank as if the special purpose trust company were a trust company.
Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the custody of digital assets, including digital consumer assets, digital securities, and virtual currency.
Provides that, the Department of Revenue may adopt rules for payment by cryptocurrency of any amount due under any Act administered by the department only when the department is not required to pay a discount fee or charge to convert the cryptocurrency to U. Defines "cryptocurrency". Amends the Blockchain Technology Act.
Sets forth provisions concerning the purpose and findings of the Blockchain Technology Act. Provides that a court shall permit discovery of electronic records if the existence or ownership of a digital asset secured by a blockchain is factually in dispute. Sets forth provisions concerning permissible discovery of facts and information concerning digital assets and discovery procedures for digital assets.
Provides that a party holding a digital asset where the nature and type of the digital asset is at issue in the case may shield the need for disclosure if it posts security with the court for a comparable value for the digital asset in question if the value of the digital asset can be assessed, or for a value that is reasonably correlated to the estimated value of any judgment.
Provides that a party seeking to validate or challenge the nature, accuracy, or propriety of a vote taken in connection with a decentralized autonomous organization shall be allowed discovery sufficient to describe the nature and type of vote or votes being taken.
Provides that the provisions are repealed 5 years after the effective date of the amendatory Act. Creates the Digital Asset Discovery Task Force to conduct a review of the court-ordered discovery of digital asset procedures. Sets forth provisions concerning the Task Force's members, administrative support, and compensation. Provides that the Task Force shall submit a report containing its findings and any recommendations to the Supreme Court and the General Assembly by Jan.
Provides that the Task Force is dissolved on Jan. Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets.
Amends the Civil Administrative Code of Illinois. Defines "cryptocurrency" and "cryptocurrency mining. Adds a new chapter to the Uniform Commercial Code UCC that governs transactions involving controllable electronic records and that does the following: 1 Defines "controllable electronic records".
B The circumstances under which a qualifying purchaser acquires rights in a controllable electronic record free of any adverse claim. C The conditions that must be satisfied for a person to be considered to have control over controllable electronic records. Amends certain sections in the UCC chapter concerning secured transactions to reference controllable electronic records and to provide for the perfection of a security interest in controllable electronic records by: 1 control; or 2 the filing of a financing statement.
Amends the Indiana statute concerning unclaimed personal property to: 1 add a definition of "controllable electronic record" in that statute; and 2 authorize rather than require, as specified in current law the attorney general to adopt rules regarding virtual currency, controllable electronic records, and digital assets, to the extent such rules are consistent with, and not otherwise covered by: A the bill's provisions; or B any other Indiana law concerning virtual currency, controllable electronic records, or digital assets.
SF Amends KRS Establishes a new Article 12 of KRS Chapter , titled "Controllable Electronic Records"; establishes definitions, scope, purchaser rights, debtor discharge obligations, control requirements, and jurisdictional rules relating to controllable electronic records; amends KRS Requires the Department of Revenue to accept virtual currency as a form of payment of taxes, licenses, fees, penalties, and interest due to the state.
Establishes a special commission including members of the General Court on blockchain and cryptocurrency. HF 75 SF Relates to forfeiture; limits vehicles and other property subject to forfeiture; includes cryptocurrency in the definition of money; provides for recovery of property by innocent owners; modifies participation in the federal equitable sharing program; requires reports; and appropriates money. HF Includes cryptocurrency in the definition of money. Modifies certain provisions of law related to public safety, law enforcement, adult and juvenile corrections, community supervision, rehabilitation, criminal sexual conduct, crime, sentencing, community safety, crime victims, child protection background checks, emergency response, fire safety, civil law, data practices, human rights, and forfeiture law; provides for task forces and working groups; provides for rulemaking; provides for criminal penalties; requires reports.
HF SF This bill modifies the statute related to the offense of money laundering. It replaces the definitions of "currency" with one for "monetary instruments" and it adds definitions for "financial transaction" and "transaction". The bill also replaces the term "currency transaction" with "financial transaction" in the factors establishing the offense.
Includes cryptocurrency in definition of monetary instruments. The bill defines "teller machine". The bill also provides that the offense of stealing is a Class C felony if the property is a teller machine or the contents of a teller machine regardless of the value or amount of cash. Includes digital currencies. This bill exempts virtual currencies, described as a type of digital representation that is used as a medium of exchange and not recognized as legal tender by the U.
This bill defines several terms including an "open blockchain token" which is defined as a digital unit that is created using a combination of methods described in the bill, recorded to a digital ledger or database which may include a blockchain, is capable of being traded or transferred between persons, and is not a virtual currency or a digital security.
The bill describes characteristics that make an open blockchain token intangible personal property. The SoS will prepare a form that includes a secure electronic form that is conspicuously posted on its internet website. This bill creates the offense of tampering with a teller machine if he or she knowingly and without authorization or without reasonable grounds to believe that he or she has such authorization modifies or damages a teller machine or otherwise renders a teller machine inoperable.
This bill also adds that the offense of stealing is a Class C felony if the property is a teller machine or the contents of a teller machine, as defined in the act, regardless of the value of the amount taken. LB Changes provisions relating to banks, financial institutions, bank subsidiaries, digital asset depository institutions and residential mortgage loans and to adopt certain updates to federal law.
This bill specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets, allows banks to provide custodial services for digital asset property and provides procedures for the provision of custodial services. This bill exempts the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws.
Why weed is stuck in a legal limbo. Cronos CEO: 'Watershed moment' for marijuana. Cannabis comes to Fifth Avenue. California's legalization of cannabis for adult recreational use was expected to be massive. Now, members of California's cannabis industry are sending an S. They're urging leaders to make swift regulatory changes or risk the collapse of their emerging industry.
Read More. Following the job cuts, which were first reported by the Sacramento Bee and described as an an "epidemic" of layoffs, Steinmetz cobbled together an informal coalition of more than a dozen leading companies and business associations to lobby the state. California cannabis businesses that have cut their workforces or scaled back growth plans say their woes aren't limited to the capital markets turbulence and the growing pains ricocheting through the broader cannabis industry.
Their challenges, they say, are homegrown: California has too few licensed cannabis businesses, too much taxation and overly onerous regulation. A blockbuster cannabis deal goes bust and more could fall apart. The group is calling for an emergency summit between industry leaders, state regulators and Governor Gavin Newsom to address those three key concerns.
Although California wasn't the first state to legalize and start adult-use cannabis sales, it's quickly become home to the largest recreational cannabis industry in the world, according to a report from Arcview Market Research and BDS Analytics, which track and analyze cannabis points-of-sale transactions.
California has a deeply rooted cannabis culture and legacy, and cultivation and retail operations became more sophisticated following the passage of medical cannabis laws in However, not all legacy businesses transitioned to licensed operations under the new laws.
While some have no intention to become regulated, others believe it's cost-prohibitive or currently operate in municipalities where cannabis sales are banned, said Josh Drayton, spokesperson for the California Cannabis Industry Association. Earlier this year, lawmakers struck down a bill that would have required municipalities to allow recreational cannabis programs if a majority of their residents voted for the measure that legalized cannabis.
In California, cryptocurrency payments are making headway in the cannabis industry as Berkeley City Councilmember Ben Bartlett became the first elected official to purchase cannabis using a digital asset. Cryptocurrency enthusiasts have long dreamed of the cannabis industry and the cryptocurrency economy joining forces.
On Sep. The purchase at the Ohana Cannabis dispensary in Emeryville was part of a demonstration that showed the benefits of stablecoins and blockchain settlement. When Councilmember Ben Bartlett made the purchase, the Blockchain Advocacy Coalition and the Cred team was there on site to show the group of elected officials how digital currency solutions work.
The cofounder of Cred, Dan Schatt, explained during the demo that digital currencies add far more benefits than traditional payment services. The Cred cofounder added:. Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments. The group is made up of blockchain organizations including Blockchain at Berkeley, Uphold, and Cred.
Cannabis businesses incur significant risk by handling large cash deposits. Many other cannabis-friendly states like Colorado and Oregon are having the same financial issues. California aims to innovate by creating progressive laws that help ease the problems cannabis operations are dealing with.
The Berkeley City Councilmember also stated:. The Green Rush is a 21st-century industry; it deserves a 21st-century payment system. While it initially gained popularity, it has failed to deliver for investors. So how does it work? CannabisCoin promises to convert cryptocurrency directly into marijuana. Under the name CANNdy, there is a line of medicines and marijuana strains grown for the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.
Marijuana-specific cryptocurrencies also use virtual wallets to hold and store coins, just like regular cryptocurrencies. The total supply of CannabisCoin is set at Little is known about the specific markets the currency serves except that its "mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21st century.
According to its website, DopeCoin users can transact pseudo-anonymously in under a minute, and don't pay any fees or transaction costs. Started with a vision of creating a Silk Road for transactions in marijuana across the world, DopeCoin supply is limited with about million in circulation.
HempCoin also came into existence in , although its focus is less on individuals using it to buy weed. Instead, this cryptocurrency was designed for use by the farming industry and medical and recreational dispensaries. HempCoin's website claims its goal is to "help facilitate secure transactional relationships between farmers, distributors, and consumers. It's interesting to note that HempCoin is used in all areas of agriculture, not just ones involving weed. National Conference of State Legislatures.
Food and Drug Administration. Your Money. Personal Finance. Your Practice. Popular Courses. Alternative Investments Marijuana Investing. Part of. Marijuana Investing Guide. Part Of. Table of Contents Expand. Table of Contents. PotCoin POT. HempCoin THC. Key Takeaways Although marijuana is legal in many states, the U. Pot-based operators and consumers can use marijuana-specific cryptocurrencies for their transactions since banks cannot legally conduct pot-related business.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
Top 4 Marijuana Cryptocurrencies · Why Do Weed and Cryptocurrency Work Well Together? · PotCoin (POT) · CannabisCoin (CANN) · DopeCoin (DOPE) · HempCoin (THC). Crypto Cannabis Club has launched its first-ever cannabis line, available across California on delivery platform CampNova. Two city councilmembers in California became the first elected officials to use cryptocurrency to purchase marijuana from a dispensary—at.