This Groundbreaking Cryptocurrency Bill May Put Virginia at a ‘Significant Advantage’

by Quentin Blount
this-groundbreaking-cryptocurrency-bill-may-put-virginia-significant-advantage

A groundbreaking cryptocurrency bill is advancing in the state of Virginia. The bill’s sponsor says it will “put Virginia at a significant advantage.”

That’s right, Outsiders. Earlier this week, the Virginia Senate unanimously passed a new cryptocurrency bill, H.B. 263, by a vote of 39-0. It had already passed through the House of Delegates back on February 2 with a 98-0 unanimous vote as well.

What You Need To Know

  • Virginia Senate unanimously passed cryptocurrency banking bill (H.B. 263)
  • Virginia Delegate Chris Head is the bill’s sponsor and a candidate for state Senate
  • A Texas regulation gave Head the idea for the bill
  • Virginia Governor Glenn Youngkin will review the legislation “when it comes to his desk”

What Is H.B. 263 and Who Sponored It?

According to the state of Virginia, H.B. 263 “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.”

Meanwhile, it’s Del. Chris Head, R-Roanoake, who is sponsoring H.B. 263. He told Fox News Digital that he got the idea for the groundbreaking bill thanks to a Texas regulation.

“I came up with the idea for HB 263 last summer after reading about how Texas was addressing the issue of cryptocurrency and who is permitted to hold the keys to one’s cryptocurrency purse,” he said. “Texas decided to tackle this topic of cryptocurrency custodian services through its regulatory process. I discovered that no state at that time, nor to date, has addressed cryptocurrency custodian services legislatively.”

Virginia Governor Glenn Youngkin Will Review the Bill Soon

If Virginia’s governor signs off on the bill, Head says it will make the state the first in the country to provide that kind of power to banks through legislation. The governor says he will review the bill “when it comes to his desk.”

“By codifying the ability for state-chartered banks to become custodians of cryptocurrency, this will make Virginia the first in the country to provide this ability to banks through legislation. Functionally, the bill allows state-chartered banks in Virginia to hold the keys to one’s cryptocurrency purse, similar to how individuals use safety deposit boxes at banks. Ultimately, this will put Virginia at a significant advantage regionally and nationwide.”

“Cryptocurrency is something to which everyone should pay attention,” he added. “This is an emerging economic asset that is growing in popularity and that has significant potential for economic development in areas that embrace it.”

Bitcoin, of course, is the largest cryptocurrency on the market. Despite the volatility stocks are facing due to the Russian invasion of Ukraine, Bitcoin has still traded close to the $40,000 mark.

“As a small business owner, I’m always looking for the potential in policies to create opportunities for jobs, business development, and economic success,” Head said. “Cryptocurrency has the potential to do just that.”

Outsider.com