Substitute House Bill No. 7082, also known as Public Act No. 25-66, revises the money transmission statutes to modernize regulations surrounding virtual currency and enhance consumer protection. The bill repeals Section 36a-596, replacing it with updated definitions effective October 1, 2025, including new terms such as "digital wallet" and "money transmission," which now explicitly encompasses digital wallets and mobile applications. It also clarifies existing definitions related to virtual currency transactions and introduces the term "passive investor." Several definitions have been deleted or renumbered to streamline the language, ensuring clarity in the context of money transmission and virtual currency.

The legislation establishes new responsibilities for licensees engaged in virtual currency transactions, including requirements for clear disclosures to customers about transaction risks and the irreversibility of virtual currency transactions. It mandates that licensees maintain permissible investments equal to their outstanding money transmissions and prohibits them from using customer-held virtual currency without direction. Additionally, the bill introduces regulations for money-sharing applications, particularly concerning accounts for minors, ensuring proper attestation from parents or guardians and compliance with privacy laws. Overall, the bill aims to enhance regulatory oversight and consumer protection in the evolving landscape of virtual currency and money transmission.

Statutes affected:
Raised Bill:
BA Joint Favorable:
File No. 318:
File No. 933:
Public Act No. 25-66: