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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | March 3, 2023 09:34 AM |
|---|---|
| From: | Representative Ben Waxman |
| To: | All House members |
| Subject: | Cryptocurrency Licensure |
| Cryptocurrency is a decentralized, trustless digital currency that is exclusively bought and sold digitally and subject to intense price swings. Although some praise the decentralized nature of cryptocurrency, many are concerned about the speculative nature and potential for illicit activity by digital asset companies associated with cryptocurrencies. For example, the popular cryptocurrency exchange company FTX was recently accused of using questionable lending practices, transferring of assets, and unauthorized transactions. In 2022, FTX was worth $32 billion, and the company is now bankrupt. My legislation amends Act 284 of 1972 (Pennsylvania Securities Act) by requiring cryptocurrency licensing requirements, including registration with the Nationwide Multistate Licensing System. The bill requires a digital asset company to apply to the Department of Banking and Securities for licensure and establishes a penalty for failing to apply for a license. We need strict penalties and firm guidance to ensure that Pennsylvanians are protected from bad actors. I hope you will consider joining me in protecting Pennsylvanian’s digital assets by co-sponsoring this important legislation. |
Introduced as HB901