All Roll Calls
Yes: 448 • No: 42
ConnecticutHB 070822025 Regular SessionHouseWALLET
AN ACT CONCERNING VARIOUS REVISIONS TO THE MONEY TRANSMISSION STATUTES, STATE PAYMENTS AND INVESTMENTS IN VIRTUAL CURRENCY AND MINORS' MONEY SHARING APPLICATION ACCOUNTS.
Sponsored By: Banking Committee
Signed by Governor
Summary
To (1) define "virtual currency control services vendor", (2) establish requirements for virtual currency money transmission licensees concerning (A) disclosures, (B) receipts, (C) the use of virtual currency under the control of such licensees, and (D) the engagement of other persons to store or hold custody or control of virtual currency for or on behalf of a customer, (3) establish that certain virtual currency held by such licensees shall be deemed to be property interests of any claimants against such licensees, and (4) prohibit the state, and political subdivisions of the state, from (A) accepting or requiring payment in the form of virtual currency, or (B) purchasing, holding, investing in or establishing a reserve of virtual currency.
banking
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 3 benefits, 3 costs, 1 mixed.
Stronger customer claims to virtual currency
Beginning October 1, 2025, covered investments and customer virtual currency held by licensed money-transfer businesses are held in trust for claimants. Customers owed virtual currency share the available currency in proportion to the type and amount each is owed. Their shares do not depend on when the claim arose or when the business obtained the currency. These assets are protected from attachment by the business’s creditors.
Clearer deposit insurance claims for customers
Beginning October 1, 2025, licensed money-transfer businesses can advertise federal deposit insurance only for funds placed in qualifying insured-bank accounts. Ads must name the bank and accurately explain the coverage and its conditions. They cannot suggest that the money-transfer business, virtual currency, digital assets, or other nondeposit products are insured.
Families can delete minors’ payment accounts
Beginning October 1, 2025, minors, parents, and legal guardians can request deletion of a minor’s money-sharing app account. Licensed providers must offer secure, reliable request methods and explain them to account holders. Providers must delete the account and stop processing personal data within 30 business days, except where other laws allow or require otherwise. Complex or numerous requests can justify up to 30 more business days, with notice and reasons within the first deadline. Families can also request all account data, including each transaction and who opened the account, within the same response period. Providers need not act on requests they cannot verify, but must explain what additional information is needed.
Parent checks for minors’ payment accounts
Beginning October 1, 2025, licensed money-transfer businesses must check who opens or sponsors a money-sharing app account for someone under 18. That person must attest to being the minor’s parent or legal guardian. They must provide valid government-issued ID or have their identity verified under federal Bank Secrecy Act rules.
Crypto kiosk operators need full-time compliance staff
Virtual currency kiosk owners and operators must use full-time employees to carry out federal and state compliance duties. Their compliance officer must work full time for the business. That officer cannot own more than 20% of the business.
Governments cannot accept or hold cryptocurrency
Beginning October 1, 2025, Connecticut and its local governments cannot accept or require virtual currency for payments owed to them. They also cannot buy, hold, invest in, or create reserves of virtual currency. The restriction governs public bodies, not residents’ private holdings.
Broader state rules for digital money
Beginning October 1, 2025, Connecticut’s money-transfer rules cover digital wallets, including payment apps and services through authorized delegates. Virtual currency customer definitions apply across licensed money-transfer businesses, not just kiosks. Existing customers have completed at least three virtual currency transactions with the business and been registered for more than 72 hours. New customers have completed fewer than three transactions and been registered for less than 72 hours. These categories determine transaction limits and some consumer protections.
Sponsors & Cosponsors
Sponsor
Banking Committee
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 3/11/2025
House Roll Call Vote 241 AS AMENDED
Yes: 148 • No: 0
Senate vote • 3/11/2025
Senate Roll Call Vote 286
Yes: 36 • No: 0
House vote • 3/11/2025
House Roll Call Vote 114 AS AMENDED
Yes: 146 • No: 0
House vote • 3/11/2025
House Roll Call Vote 113 HOUSE AMD A
Yes: 105 • No: 42
House vote • 3/11/2025
BA Vote Tally Sheet (Joint Favorable)
Yes: 13 • No: 0
Actions Timeline
Signed by the Governor
6/30/2025legislatureTransmitted by Secretary of the State to Governor
6/16/2025legislatureTransmitted to the Secretary of State
6/16/2025legislaturePublic Act 25-66
6/10/2025legislatureIn Concurrence
5/30/2025legislatureHouse Passed as Amended by Senate Amendment Schedule A
5/30/2025HouseHouse Passed as Amended by House Amendment Schedule A
5/30/2025HouseHouse Adopted Senate Amendment Schedule A
5/30/2025HousePotential Disagreeing Action, Tabled for the Calendar, House
5/30/2025HouseSenate Passed as Amended by House Amendment Schedule A
5/30/2025SenateRules Suspended, Transmitted to the House
5/29/2025HouseSenate Passed as Amended by Senate Amendment Schedule A
5/29/2025SenateSenate Adopted Senate Amendment Schedule A 9593
5/29/2025SenateSenate Adopted House Amendment Schedule A
5/29/2025SenateFile Number 933
5/16/2025legislatureSenate Calendar Number 511
5/16/2025SenateFavorable Report, Tabled for the Calendar, Senate
5/16/2025SenateHouse Passed as Amended by House Amendment Schedule A
5/14/2025HouseHouse Adopted House Amendment Schedule A 8192
5/14/2025HouseFile Number 318
3/27/2025legislatureHouse Calendar Number 220
3/27/2025HouseFavorable Report, Tabled for the Calendar, House
3/27/2025HouseReported Out of Legislative Commissioners' Office
3/27/2025legislatureReferred to Office of Legislative Research and Office of Fiscal Analysis 03/26/25 5:00 PM
3/21/2025legislatureFiled with Legislative Commissioners' Office
3/11/2025legislature
Bill Text
Public Act No. 25-66
5/29/2025
File No. 933
5/16/2025
File No. 318
3/27/2025
BA Joint Favorable
3/11/2025
Raised Bill
2/27/2025
BA Joint Fav. Rpt
BA Vote Tally Sheet (Joint Favorable)
Bill Analysis For File Copy 318
Bill Analysis For File Copy 933
Bill Analysis for HB-7082, as amended by House "A"
Bill Analysis for HB-7082, as amended by House "A" and Senate "A"
Fiscal Note For File Copy 318
Fiscal Note For File Copy 933
Fiscal Note for Amendment LCO 8192 (No Fiscal Impact)
Fiscal Note for Amendment LCO 9593 (No Fiscal Impact)
Fiscal Note for HB-7082, As Amended by House "A" (LCO 8192)
Fiscal Note for HB-7082, As Amended by House "A" (LCO 8192), Senate "A" (LCO 9593)
House Roll Call Vote 113 HOUSE AMD A
House Roll Call Vote 114 AS AMENDED
House Roll Call Vote 241 AS AMENDED
House Schedule A LCO# 8192 (J)
Senate Roll Call Vote 286
Senate Schedule A LCO# 9593 (J)
Summary for Public Act No. 25-66
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