Bill Text: IA HF240 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act providing for exemptions for virtual currency from certain security and money transmission regulations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-02-06 - Introduced, referred to Commerce. H.J. 215. [HF240 Detail]
Download: Iowa-2019-HF240-Introduced.html
House
File
240
-
Introduced
HOUSE
FILE
240
BY
SHIPLEY
A
BILL
FOR
An
Act
providing
for
exemptions
for
virtual
currency
from
1
certain
security
and
money
transmission
regulations.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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240
Section
1.
Section
502.102,
subsection
28,
Code
2019,
is
1
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
g.
It
does
not
include
virtual
currency.
3
Sec.
2.
Section
502.102,
Code
2019,
is
amended
by
adding
the
4
following
new
subsection:
5
NEW
SUBSECTION
.
32.
“Virtual
currency”
means
the
same
as
6
defined
in
section
533C.102.
7
Sec.
3.
Section
502.202,
Code
2019,
is
amended
by
adding
the
8
following
new
subsection:
9
NEW
SUBSECTION
.
25.
Virtual
currency
transactions.
A
10
transaction
using
virtual
currency,
in
whole
or
in
part.
11
Sec.
4.
Section
502.401,
subsection
2,
Code
2019,
is
amended
12
by
adding
the
following
new
paragraph:
13
NEW
PARAGRAPH
.
c.
A
person
that
facilitates
the
exchange
of
14
virtual
currency
or
that
uses
virtual
currency,
in
whole
or
in
15
part,
to
conduct
a
transaction.
16
Sec.
5.
Section
533C.102,
Code
2019,
is
amended
by
adding
17
the
following
new
subsection:
18
NEW
SUBSECTION
.
28.
“Virtual
currency”
means
a
digital
19
representation
of
value
that
can
be
digitally
traded
and
20
functions
as
a
medium
of
exchange,
a
unit
of
account,
or
21
a
store
of
value
but
does
not
have
legal
tender
status
as
22
recognized
by
the
United
States
government.
23
Sec.
6.
Section
533C.103,
Code
2019,
is
amended
by
adding
24
the
following
new
subsection:
25
NEW
SUBSECTION
.
17.
A
person
that
facilitates
the
exchange
26
of
virtual
currency
or
that
uses
virtual
currency,
in
whole
or
27
in
part,
to
conduct
a
transaction.
28
EXPLANATION
29
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
30
the
explanation’s
substance
by
the
members
of
the
general
assembly.
31
This
bill
exempts
virtual
currency
from
certain
regulations
32
applicable
to
securities
in
Code
chapter
502
and
money
33
transmissions
in
Code
chapter
533C.
Code
chapter
502,
the
34
“Iowa
Uniform
Securities
Act”
or
“Blue
Sky
Law”,
provides
35
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2
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240
for
the
regulation
of
securities
and
includes
registration
1
requirements
for
securities
and
broker-dealers,
or
persons
2
engaging
in
securities
transactions
in
Iowa.
Code
chapter
3
533C,
the
“Uniform
Money
Services
Act”,
requires
persons
4
engaging
in
the
business
of
money
transmission
in
Iowa
to
5
obtain
licensure
from
the
Iowa
superintendent
of
banking.
6
The
bill
defines
“virtual
currency”
to
mean
a
digital
7
representation
of
value
that
can
be
digitally
traded
and
8
functions
as
a
medium
of
exchange,
a
unit
of
account,
or
9
a
store
of
value
but
does
not
have
legal
tender
status
as
10
recognized
by
the
federal
government.
11
The
bill
specifies
that
the
term
“security”,
as
used
in
12
Code
chapter
502,
does
not
include
virtual
currency.
The
bill
13
exempts
transactions
involving
virtual
currency
from
security
14
registration
and
filing
requirements
in
Code
chapter
502.
The
15
bill
also
exempts
persons
facilitating
the
exchange
of
virtual
16
currency
or
using
virtual
currency
to
conduct
transactions
from
17
broker-dealer
registration
requirements
in
Code
chapter
502
and
18
money
transmission
licensure
requirements
in
Code
chapter
533C.
19
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