Bills › 88th General Assembly
Providing for exemptions for virtual currency from certain security and money transmission regulations
Where it is now
- Done: IntroducedFebruary 6, 2019
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill exempts virtual currency from certain regulations applicable to securities in Code chapter 502 and money transmissions in Code chapter 533C. Code chapter 502, the “Iowa Uniform Securities Act” or “Blue Sky Law”, provides for the regulation of securities and includes registration requirements for securities and broker-dealers, or persons engaging in securities transactions in Iowa. Code chapter 533C, the “Uniform Money Services Act”, requires persons engaging in the business of money transmission in Iowa to obtain licensure from the Iowa superintendent of banking.
Read the full explanation
The bill defines “virtual currency” to mean a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the federal government. The bill specifies that the term “security”, as used in Code chapter 502, does not include virtual currency. The bill exempts transactions involving virtual currency from security registration and filing requirements in Code chapter 502. The bill also exempts persons facilitating the exchange of virtual currency or using virtual currency to conduct transactions from broker-dealer registration requirements in Code chapter 502 and money transmission licensure requirements in Code chapter 533C.