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Virginia to overtake all US States with Crypto?
What has been proposed?H.B. 263
Where does the legislation stand? Last week the State Legislation passed the Crypto Banking bill. Next it heads to the new Governs Desk for signature. The proposed legistlation was passed 98-0 in the House and passed 39-0 in state Senate which is rare at the State and Federal levels.
What does H.B. 263 do? It permits banks in Virginia to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks. Put another way...the bill allows state-chartered banks to hold the keys to one’s cryptocurrency purse, similar to how individuals use safety deposit boxes at banks. The belief from the legislation in Virginia this Bill and those that follow will place significant advantage regionally and nationwide.
What could go wrong? Everything ever created by Government has always work flawlessly and has never been used for Evil.
Sorry, I had to pick myself up off the floor after writing that FICTION. Well, what happened a few short few short weeks ago in Canada, the Tyrant went full Commie and seized money that was raised and then went after accounts that donated money. This bill violates the #1 rule in Crypto - Not your keys, not your Crypto. Sure, it might work for Boomers that no longer want to learn anything new, and it might even spur some to learn the cardinal rule of Crypto and continue to learn more and realize they can do better on their own in Crypto.
Where did the inspiration for the Bill come from? Texas! And the inspiration came last summer after reading about how Texas was opening up to Crypto's. From my point of view, they did not understand what Texas was seeking and they don't understand Crypto.
- Beware lipstick on a Pig! In my mind this legislation will not allow Virginia to surpass all other states in Crypto. Get back to work folks!
