Please ensure Javascript is enabled for purposes of website accessibility Pennsylvania Houses passes Conklin bill to regulate virtual currency

Pennsylvania Houses passes Conklin bill to regulate virtual currency

Would ensure virtual currency is treated similarly to money transmissions

Rep. Scott Conklin    April 23, 2025 | 4:23 PM

HARRISBURG, April 23 – The Pennsylvania House today passed state Rep. Scott Conklin’s bill that would authorize the state to regulate virtual currency.

Conklin, who is majority chairman of the House Commerce Committee, said he introduced H.B. 881 to ensure consumer confidence that exchanges made with digital currency are as safe and reliable as money transactions and are regulated in the same manner.

“With technology creating new forms of virtual currencies such as cryptocurrency, our laws need to keep pace with those changes to protect Pennsylvanians,” Conklin said. “Consumers deserve to know that the transactions they conduct using digital currencies are as safe and secure as those involving traditional forms of money.

“Under current state law, virtual currency is not subject to the state’s Money Transmission Licensing Law, which regulates businesses that transmit money or credit. My bill would expand the law so that it covers virtual currency and requires that it be treated similarly to money transmissions under the act.”

Conklin said a number of other states already regulate virtual currency.

“It’s time for Pennsylvania to join the other states that are already regulating virtual currency and bringing greater consistency to the way these transactions are conducted.”

The bill now heads to the state Senate for consideration.