Banking Committee
JOINT FAVORABLE REPORT
Bill No.: HB-5320
Title: AN ACT CONCERNING VIRTUAL CURRENCY.
Vote Date: 3/22/2022
Vote Action: Joint Favorable Substitute
PH Date: 3/10/2022
File No.: 106
Disclaimer: The following JOINT FAVORABLE Report is prepared for the benefit of the
members of the General Assembly, solely for purposes of information, summarization and
explanation and does not represent the intent of the General Assembly or either chamber
thereof for any purpose.
SPONSORS OF BILL:
Banking Committee
REASONS FOR BILL:
In part because of how new the product is, there is currently very little legislation regarding
virtual currency in Connecticut. Because of this, there is no way to gather data and analyze
virtual currency businesses and there are no consumer protections established concerning
virtual currency. This bill would fill in the gaps and begin the process of regulating virtual
currency by creating ways to track and gather data about virtual currency businesses,
legislating consumer protections, and allowing the use of credit and debit cards for the
purchase of virtual currency.
JFS language: Technical changes to clean up definitions and internal changes, but nothing
substantive.
RESPONSE FROM ADMINISTRATION/AGENCY:
None Expressed
NATURE AND SOURCES OF SUPPORT:
None Expressed
NATURE AND SOURCES OF OPPOSITION:
None Expressed
Reported by: Alexa Moyer / Dawn Marzik Date: 3/24/22