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Home State Senate Committee Passes CUs' Virtual Currency Custody Services Bill

State Senate Committee Passes CUs' Virtual Currency Custody Services Bill

Authored By: Lewis Wood on 2/13/2023

League President/CEO Carrie Hunt testifies before the Senate Commerce and Labor CommitteeThe state Senate Commerce and Labor Committee today unanimously passed a substitute version of HB1727, credit unions’ virtual currency custody services bill. The bill moves to the Senate floor for consideration.

The substitute bill provides minor changes to the language of the original bill as passed by the House. Once passed by the full Senate, the latest version of our bill will need to be agreed to in the House.

“We’re pleased that our bill continues to enjoy such strong support among lawmakers and we’re grateful to Del. Chris Head for carrying the bill,” said League President/CEO Carrie Hunt. “That support for our bill is the direct result of our advocacy efforts prior to the session and the good work of member credit unions on Credit Union Day. We continue to engage with lawmakers to ensure our bill’s final passage and enactment.”

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.

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