Pennsylvania Cryptocurrency Updated Laws
Regulation of Pennsylvania Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
PROPOSED LAWS & REGULATIONS
Pennsylvania’s Money Transmission Business Law does not explicitly include “virtual currencies” or “monetary value.”
S.B 399
The S.B 399, introduced in 2021 by the Pennsylvania Senate defines the term: “virtual currency”.
Status: Referred to the State Government S.B. 399, 347th Gen. Assemb., Reg. Sess. (Pa. 2021).
Bill 401
In 2021, Pennsylvania Senate introduced Bill, relating to Relates to public officers, in ethics standards and financial disclosure; provides for definitions, for restricted
activities, for the statement of financial interests and penalties; relates to lobbying disclosure; provides for definitions, for reporting, and penalties; relates to Turnpike Commission standards of conduct; provides for code of conduct. Includes virtual currency.
Status: Referred to the State Government S.B. 401, 347th Gen. Assemb., Reg. Sess. (Pa. 2021).
https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2021&sind=0&body=S&type=B&bn=401
ENACTED LAWS & REGULATIONS
Pennsylvania’s Money Transmission Business Law does not explicitly include “virtual currencies” or “monetary value.”
In 2014, the State’s Department of Banking and Securities (DoBS) provided informal guidance that “virtual currencies like Bitcoin” are not “money” and therefore transmission of them does not require a license.
https://www.dobs.pa.gov/Documents/Newsletter/Newsletter%20Volume%206/Quarter21vol6FINAL.pdf
In January 2019, the State’s Department of Banking and Securities (DoBS) published guidance clarifying that, generally, virtual currency trading platforms are not money transmitters under state law.
https://www.dobs.pa.gov/Documents/Securities%20Resources/MTA%20Guidance%20for%20Virtual%20Currency%20Businesses.pdf
H.R. 224/S.R. 95
In 2019, Pennsylvania designated the date April 30, 2019, as “Pennsylvania Health Care Information Technology Awareness Day” and recognized that blockchain technology is a driver of spending growth.
H.R. 224, 203rd Gen. Assemb., Reg. Sess. (Pa. 2019). https://www.legis.state.pa.us/cfdocs/billinfo/billinfo.cfm?syear=2019&sind=0&body=S&type=R&bn=0095
H.R. 224/S.R. 95
In 2019, Pennsylvania designated the date April 30, 2019, as “Pennsylvania Health Care Information Technology Awareness Day” and recognized that blockchain technology is a driver of spending growth.
H.R. 224, 203rd Gen. Assemb., Reg. Sess. (Pa. 2019). https://www.legis.state.pa.us/cfdocs/billinfo/billinfo.cfm?syear=2019&sind=0&body=S&type=R&bn=0095
Blockchain Information & Resources:
- Anti-Collusion | What Is Obfuscation?
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Blockchain Technology Explained: What is Blockchain and How Does It Work?
- Digital Currency Transmission Laws and Regulations by State
- Hard and Soft Forks: A Detailed and Simplified Explanation of How Blockchains Evolved
- Legal Issues around Cryptocurrency
- Merkle Trees
- Permissioned and Permissionless Blockchains
See More Information on Blockchain
Pennsylvania Cryptocurrency and Blockchain Attorneys
Is cryptocurrency legal in Pennsylvania?
Do you have Cryptocurrency or Blockchain Issues or questions? Freeman Law is an innovative thought leader in the blockchain and cryptocurrency space. Blockchain and virtual currency activities take place in a rapidly evolving regulatory landscape.
We are dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.
