The Virginia Senate unanimously passed a groundbreaking cryptocurrency banking bill, which already passed the state's House of Delegates and which legislators expect Gov. Glenn Youngkin, R-Va., to sign within 7 days.
Del. Chris Head, R-Roanoake, the bill's sponsor and a candidate for state Senate, told Fox News Digital that Texas regulation gave him the idea for the bill."I came up with the idea for HB 263 last summer after reading about how Texas was addressing the issue ofand who is permitted to hold the keys to one’s cryptocurrency purse," Head said. "Texas decided to tackle this topic of cryptocurrency custodian services through its regulatory process.
"Cryptocurrency is something to which everyone should pay attention," the delegate added. "This is an emerging economic asset that is growing in popularity, and that has significant potential for economic development in areas that embrace it." The delegate noted that legislation, rather than regulation, affords a more permanent solution to problems.