Raised Bill No. 7082 aims to establish a regulatory framework for virtual currency money transmission licensees and to clarify property interests in virtual currency. The bill introduces new definitions, including "existing customer," "new customer," and "passive investor," while also detailing the concept of "control" over licensees based on voting shares and managerial authority. It specifies what constitutes a "permissible investment" for licensees, outlining acceptable forms of cash and financial instruments. Additionally, the bill mandates that licensees provide clear disclosures to customers regarding fees and transaction details, and requires them to issue receipts post-transaction. The Banking Commissioner is granted authority to waive certain disclosure requirements if alternative methods provide equivalent information.

A significant aspect of the bill is the prohibition of state payments and investments in virtual currency, reflecting a cautious approach to integrating virtual currencies into state financial activities. The existing statute, Section 36a-596, is repealed and replaced with the new regulations, which will take effect on October 1, 2025. The bill also stipulates that virtual currency held by licensees will be considered property interests of claimants, regardless of when claims arise. Licensees must conduct business through authorized delegates who hold proceeds in trust and comply with operational standards. Overall, Raised Bill No. 7082 seeks to enhance consumer protection and ensure financial stability in the emerging virtual currency sector.

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