Senate Bill No. 262, also known as File No. 142, is a legislative proposal that aims to regulate the acceptance of credit and debit cards for the purchase of virtual currency in Connecticut. The bill proposes to amend Section 36a-603 of the general statutes, effective October 1, 2023. The amendment includes a new provision (subsection d) that explicitly permits any person or entity engaged in the business of selling virtual currency within the state to accept credit and debit cards as payment methods for virtual currency transactions. This addition is intended to clarify and formalize the acceptance of these common payment methods in the virtual currency market.

The bill also maintains the requirement for licensees involved in money transmission to hold permissible investments and virtual currency of the same type and amount as they owe or are obligated to other persons. These assets, even if commingled with the licensee's other assets, are to be held in trust for the benefit of claimants against the licensee in the event of bankruptcy and are protected from attachment by creditors. The fiscal impact statement accompanying the bill indicates that there will be no fiscal impact on the state or municipalities as a result of this legislation. The bill has received a Joint Favorable report from the Banking Committee with a unanimous vote.

Statutes affected:
Committee Bill:
BA Joint Favorable:
File No. 142: