Digital Currency
Legal Landscape
Tracking cryptocurrency-related legislation across the nation to promote informed, balanced, and responsible regulatory frameworks.
Digital or virtual currencies are a medium of exchange but are not traditional money and are not backed by governments or central banks. They exist only digitally and are used for fast, low-cost, global, and relatively anonymous electronic payments without banks or physical cash.
Digital currencies are stored in digital wallets that use encrypted public and private keys. Transactions are recorded on a public ledger called the blockchain and verified by miners worldwide using specialized hardware.
In the 2025 and 2026 legislative sessions, states introduced or considered cryptocurrency-related legislation. Examples of enacted legislation include:
- Arizona: SB 1649 sought clear valuation metrics through the Digital Gold Standard Benchmark & Crypto Fair Value Formula.
- Arkansas: Excluded central bank digital currency from the UCC definition of money.
- Georgia: Created a study committee on AI and digital currency.
- Iowa: Defined fees for digital asset kiosks.
- Michigan: Declared May 13, 2025, Digital Asset Awareness Day.
- Montana & Wyoming: Prohibited use or support of central bank digital currency.
- Nebraska & North Dakota: Regulated or licensed virtual currency kiosks.
- Oregon & South Dakota: Updated commercial and unclaimed property laws for digital assets.
- Oregon added an article regulating controllable electronic records to its Uniform Commercial Code.
- Utah: Allowed limited public investment in digital assets.