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Home CUs' Virtual Currency Custodian Bill Passes House Committee on Unanimous Vote

CUs' Virtual Currency Custodian Bill Passes House Committee on Unanimous Vote

Authored By: Lewis Wood on 1/12/2023

Credit unions won a victory today, with our virtual currency custodian bill (HB1727) reporting out of the House Commerce and Energy Committee on a unanimous 22-to-0 vote. It now moves to the House floor for consideration. Passage in the House will send the measure to the state Senate for consideration.

“This was a key first step in winning parity for our credit unions,” noted League President/CEO Carrie Hunt. “We appreciate the support of the committee and their desire to ensure credit unions remain competitive in today’s marketplace with our for-profit peers.”

The League-backed legislation would permit any credit union in the Commonwealth to engage in virtual currency custody services to the same extent as any bank. Banks won this authority last session.

HB1727 would allow credit unions to secure private keys for their members’ digital assets in a manner similar to a safe deposit box, with the member retaining control of the asset and the credit union simply securing it. We also remain firmly focused on our other state-level legislative priorities, including municipal deposits, field-of-membership enhancements, and bank acquisition authority.



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