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Home CU's Digital Asset Custody Services Bill Poised for Passage in the House

HB1727, CUs' Digital Asset Custody Services Bill, Passes the House

Authored By: Lewis Wood on 1/17/2023

HB1727, our credit union bill, had its third and final reading on the House floor today, meaning it has officially passed the chamber and now moves to the state Senate for consideration.

HB1727 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. It 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.

"We're pleased at the support our bill has garnered to date," noted League President/CEO Carrie Hunt, "but we recognize that the legislative process requires ongoing engagement. While we're hopeful for the same speedy passage of the measure in the Senate, that is certainly not guaranteed. That's yet another reason Thursday's Credit Union Day at the General Assembly is so important. It will give us the opportunity to shore up support in the Senate."

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