Virginia 2024 Regular Session Status: In Committee

SB 148 — Securities Act; an issuer or seller of digital token shall be exempt from registration requirements.

Last action — Incorporated by Commerce and Labor (SB339-Salim) (15-Y 0-N)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House of Delegates
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Securities Act; digital tokens; exemption.Provides that an issuer or seller of a digital token, as definedin the bill, shall be exempt from the registration requirements ofthe Securities Act if (i) the digital token cannot be consideredan investment contract, as defined in the bill; (ii) the primarypurpose of the token is consumptive, as defined in the bill; (iii)the issuer or seller of the digital token did not market the digitaltoken to the initial buyer as a financial investment; and (iv) atleast one of four additional criteria are satisfied. The bill requiresan issuer or seller of a digital token to file a notice of intentwith the State Corporation Commission prior to qualifying for suchexemption. The bill also requires the Commission to make a noticeof intent form available on its website for this purpose and permitsthe Commission to promulgate rules as necessary to implement theprovisions of the bill.

Bill Text

Action History

  1. Incorporated by Commerce and Labor (SB339-Salim) (15-Y 0-N)

  2. Impact statement from SCC (SB148)

  3. Referred to Committee on Commerce and Labor

  4. Prefiled and ordered printed; offered 01/10/24 24101473D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Incorporated by Commerce and Labor (SB339-Salim) (15-Y 0-N)

Passed 15 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15000
Total 15000
% of votes cast 100%0%0%0%
How each member voted (15)
Member Party Vote
Aaron R. Rouse — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
R. Creigh Deeds — Yea
Ryan T. McDougle — Yea
Scott A. Surovell — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 148 do?
Securities Act; digital tokens; exemption.Provides that an issuer or seller of a digital token, as definedin the bill, shall be exempt from the registration requirements ofthe Securities Act if (i) the digital token cannot be consideredan investment contract, as defined in the bill; (ii) the primarypurpose of the token is consumptive, as defined in the bill; (iii)the issuer or seller of the digital token did not market the digitaltoken to the initial buyer as a financial investment; and (iv) atleast one of four additional criteria are satisfied. The bill requiresan issuer or seller of a digital token to file a notice of intentwith the State Corporation Commission prior to qualifying for suchexemption. The bill also requires the Commission to make a noticeof intent form available on its website for this purpose and permitsthe Commission to promulgate rules as necessary to implement theprovisions of the bill.
Who sponsors SB 148?
SB 148 is sponsored by Christopher T. Head.
What is the current status of SB 148?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 148?
Track SB 148 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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