Legislators anticipate that Republican Governor Glenn Youngkin will sign the bill within seven days when it comes to his desk. In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.” The bill’s proponent, delegate Chris Head, who is also a contender for the state Senate, said that reading about how Texas was addressing regulation and who is permitted to hold the keys to one’s cryptocurrency purse, inspired him to introduce the legislation, according to a Fox News Digital report. He added:
Crypto provides potential for economic development
According to the delegate, cryptocurrency is an emerging economic asset offers enormous potential for economic growth in places that accept it. For instance, Head pointed out the benefits crypto can offer small businesses, he said: The bill was overwhelmingly approved by the House of Delegates on February 2, and the state Senate cleared it on Thursday, March 3 by a vote of 39-to-zero. In the unlikely occurrence that Youngkin vetoes the measure, the legislature may be able to overturn his decision. Notably, federal banking officials said in November 2021 that they want to clarify cryptocurrency banking regulations in 2022.
