News & Analysis as of

Digital Assets State and Local Government New Legislation

Paul Hastings LLP

SEC and CFTC Clarify Spot Crypto Trading Rules While Illinois Enacts New Crypto Laws

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Recent policy developments highlight continued momentum in digital asset regulation across federal agencies and state legislatures. The SEC and CFTC jointly issued staff guidance clarifying that current law does not prohibit...more

Sheppard Mullin Richter & Hampton LLP

Illinois Enacts Digital Asset Consumer Protection and Kiosk Laws

On August 18, Illinois Governor JB Pritzker announced the signing of two measures establishing comprehensive digital asset safeguards. The Digital Assets and Consumer Protection Act (SB 1797) and the Digital Asset Kiosk Act...more

Mayer Brown

Illinois Adopts Regulatory Regime for Digital Assets

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On August 18, 2025, Illinois enacted Senate Bill 1797, the Digital Assets and Consumer Protection Act (the “Act”), establishing a regulatory framework designed to enhance customer protections for digital asset activities and...more

Morgan Lewis

The GENIUS Act’s Stablecoin Regulatory Scheme Promotes Uniformity But May Fall Short

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As the stablecoin market continues to evolve at lightning speed, regulation of these innovative financial products has strived to keep apace. While the GENIUS Act in the United States has created a robust regulatory...more

Sheppard Mullin Richter & Hampton LLP

Wyoming Launches First State-Issued Stable Token

On August 19, the Wyoming Stable Token Commission announced the launch of the Frontier Stable Token (FRNT), making Wyoming the first public entity in the United States to issue a state-backed, blockchain-based stablecoin. The...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (8/20)

Cozen O'Connor on

Pritzker, taking aim at Trump, crypto ‘bros,’ signs laws to regulate digital currency industry, crypto ATMS - “These real-life examples of people falling prey to scammers and using cryptocurrency kiosks to send them large...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (8/13)

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Pritzker Signs ‘Sonya Massey’s Bill’ Into Law, Requiring Stricter Background Checks for Police Hiring- “The new law requires law enforcement agencies across Illinois to review all aspects of a person’s background and...more

Proskauer - Blockchain and the Law

Crypto in the Capitol: States Take the Lead on Strategic Bitcoin Reserves

As the digital economy continues to evolve, the U.S. government and a handful of states are beginning to experiment with new strategies for financial resilience, including the creation of Strategic Bitcoin Reserves (“SBR”)....more

Fenwick & West LLP

Congress Enacts Comprehensive Stablecoin Legislation: Key Provisions and Implications of the GENIUS Act

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On July 18, President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), creating the first federal framework for U.S. dollar stablecoins. ...more

Clark Hill PLC

Right To Know - July 2025, Vol. 31

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Welcome to your monthly rundown of all things cyber, privacy, and technology, where we highlight all the happenings you may have missed. State Action: Texas Limits Punitive Damage Liability For Data Security Breach...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Updates Money Transmission Law to Cover Digital Wallets and Virtual Currency

On June 30, 2025, Connecticut Governor Ned Lamont signed Public Act No. 25-66, enacting broad revisions to Connecticut’s money transmission statutes. The new law, effective October 1, 2025, updates definitions, expands...more

Orrick, Herrington & Sutcliffe LLP

Pennsylvania enacts new law regulating cryptoasset transactions

On June 27, the governor of Pennsylvania approved a new law, SB 202, amending the state’s money transmitter act, which provides for the regulation of money transmission for a fee either via checks or other methods, to also...more

Sheppard Mullin Richter & Hampton LLP

Pennsylvania to Require Licenses for Virtual Currency Transmitters

On June 27, Pennsylvania enacted Senate Bill 202, which significantly expands the Commonwealth’s Money Transmitter Act (MTA) to include virtual currency transmission. Under the amended law, transmitting virtual currency is...more

Orrick, Herrington & Sutcliffe LLP

Connecticut provides new laws for seizure and forfeiture of virtual currency and virtual currency wallets

On June 23, the governor of Connecticut approved SB 6990 to establish new laws and amend existing ones regarding the seizure and forfeiture of virtual currency and virtual currency wallets in Connecticut. The new law states...more

Ankura

An Update on the CSBS Money Transmission Modernization Act (MTMA)

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The financial landscape is rapidly evolving, with digital payment solutions becoming increasingly integral to both consumers and businesses. Amidst this shift, the Money Transmission Modernization Act (MTMA) emerged as a...more

Orrick, Herrington & Sutcliffe LLP

Maryland enacts law regulating virtual currency kiosk operators

On April 22, the governor of Maryland approved SB 305 (the “Act”) which enacts new regulations for the virtual currency kiosk industry in Maryland. The Act requires virtual currency kiosk operators to register their kiosks...more

Clark Hill PLC

CHPS Podcast Episode 2: Bitcoin in the Halls of Power

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In this episode of 'CHPS of Insight,' host Chris White sits down with Bryan Jacoutot, Senior Director of Clark Hill Public Strategies and Clark Hill Economics, to discuss the U.S. federal and state approaches to Bitcoin and...more

Steptoe & Johnson PLLC

Pennsylvania Joining the United States in Proposing a Bitcoin Strategic Reserve: Implications for the Energy Industry

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On November 19, Pennsylvania Representative Mike Cabell (R-117) introduced legislation to form the Pennsylvania Bitcoin Strategic Reserve, aiming to diversify the state’s financial holdings by allocating up to 10% of its...more

Wilson Sonsini Goodrich & Rosati

Incoming: California's Digital Financial Assets Law Dropping July 1, 2025

On October 13, 2023, California Governor Gavin Newsom signed into law California Assembly Bill 39, California’s Digital Financial Assets Law (DFAL). DFAL will regulate “digital financial assets” and require companies engaged...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

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After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Fenwick & West LLP

California Enacts Digital Financial Assets Law

Fenwick & West LLP on

On October 13, California Governor Gavin Newsom signed into law Assembly Bill 39 (AB 39), establishing a Digital Financial Assets Law (DFAL) set to go into effect July 1, 2025. Whereas previously the California...more

Sheppard Mullin Richter & Hampton LLP

Texas, Louisiana Enact Digital Asset Licensing Legislation

In recent weeks, Texas and Louisiana became the latest states to enact legislation establishing licensure requirements for digital asset service providers. In June, Texas enacted HB 1666, which adds practice restrictions...more

Farrell Fritz, P.C.

Death and Digital Content: Protecting Digital Assets After The Death Of A User

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In 2016, the New York Legislature enacted a version of the Uniform Law Commission’s Revised Uniform Fiduciary Access to Digital Assets Act in Article 13-A (“Article 13-A”) of the Estates, Powers and Trusts Law (“EPTL”). ...more

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