​Legislative Developments in Blockchain and Cryptocurrency Technology

Thirty-seven states have addressed legislation regarding cryptocurrency, digital or virtual currencies and other digital assets in the 2022 legislative session. Examples of enacted legislation include:

• Connecticut required the Board of Regents for Higher Education to develop seminar programs to assist small businesses with adapting to the business environment in the aftermath of the COVID-19 pandemic through courses in subject areas, including, but not limited to, electronic commerce, social media, cybersecurity and virtual currency.

 

• Indiana enacted legislation adding a new chapter to the Uniform Commercial Code (UCC) that governs transactions involving controllable electronic records.

 

• South Dakota required a licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers, in lieu of the permissible investments otherwise required.

 

• Washington and West Virginia updated their unclaimed property laws to include virtual currencies.

 

• Wyoming amended statutory provisions regulating decentralized autonomous organizations.

As Blockchain and Cryptocurrency gain wider acceptance, and cross larger adoption rate thresholds, more legislatures will pass additional legislation regulating this growing industry. 

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