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Pennsylvania State Senate
09/11/2024 07:21 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20190&chamber=S&cosponId=43128
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Senate of Pennsylvania
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: September 9, 2024 04:13 PM
From: Senator John DiSanto and Sen. Sharif Street
To: All Senate members
Subject: Adding Virtual Currency to the Money Transmitter Act
 
We are planning to introduce, in the near future, legislation to expand on the bipartisan Act 41 of 2024 (SB 1084). Act 41 established a legal framework for handling virtual currency transactions through the Uniform Commercial Code, and our proposed bill would amend the Money Transmitter Act (MTA) to explicitly cover virtual currency.

Our legislation would require virtual currency transmission to be treated similarly to money transmission under the MTA. As a result, entities managing the transfer of virtual currency, such as virtual currency exchange companies, would need to meet licensure requirements in the same manner as all other money transmitter licensees.

This change will enhance consumer protections related to virtual currency in Pennsylvania. Currently, 26 states regulate virtual currency under their respective money transmitter acts. Our bill will make Pennsylvania the 27th state to do so.

This policy has been enacted in other states on a bipartisan basis and is also supported by the Pennsylvania Department of Banking and Securities (DOBS). In April of this year, DOBS issued a statement of department policy that “money” as defined in the MTA includes virtual currency because it is generally recognized as a medium of exchange.

We urge you to join us in cosponsoring this bipartisan legislation, which aims to strengthen consumer protection and bring consistency in statute to the treatment of virtual currency transmission.
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Memo Updated: September 10, 2024 09:46 AM