S 707
An Act relative to preventing fraud and establishing regulations on certain virtual currencies
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to combat fraud and establish regulations surrounding virtual currencies in Massachusetts. It seeks to create a framework for overseeing these digital assets, protecting consumers, and addressing potential risks associated with their use. The legislation intends to provide clarity and accountability within the virtual currency market operating in the state. It is part of a series of related bills focused on regulating cryptocurrencies.
Key provisions
- Establishes regulations for certain virtual currencies.
- Aims to prevent fraud related to virtual currencies.
- Requires reporting requirements for virtual currency businesses.
- Addresses the use of cryptocurrency ATMs.
- Creates a framework for oversight of virtual currency activities.
Who is affected
- Virtual currency businesses and operators
- Consumers using virtual currencies
- Financial institutions
- The Commonwealth of Massachusetts
Notable changes
- This bill is part of a series of similar legislative efforts (S.3048, H.1247, S.804, S.757) aimed at regulating virtual currencies.
- The bill is currently being considered and may be subject to amendments.
Sponsors
Official sponsors from legislative records.
Primary sponsor
John J. Cronin
Cosponsors
Bruce E. Tarr
Jacob R. Oliveira
James B. Eldridge
Jason M. Lewis
Arguments in favor
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Bill S.707 194th (Current)
An Act relative to preventing fraud and establishing regulations on certain virtual currencies
By Mr. Cronin, a petition (accompanied by bill, Senate, No. 707) of John J. Cronin, Joanne M. Comerford, Peter J. Durant, Patricia D. Jehlen and other members of the Senate for legislation relative to prevent fraud and establish regulations on certain virtual currencies. Financial Services.
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Bill Information
Bill Information
Presenter: John J. Cronin
Tabs
Bill History Petitioners Committee Summary Primary Sponsor Summary
Bill History
Displaying 6 actions for Bill S.707
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Financial Services |
| 2/27/2025 | House | House concurred |
| 9/25/2025 | Joint | Hearing scheduled for 10/07/2025 from 10:30 AM-01:00 PM in A-2 |
| 10/7/2025 | Joint | Hearing rescheduled to 10/07/2025 from 10:30 AM-01:10 PM in A-2 and Virtual Hearing updated to New End Time |
| 4/1/2026 | Senate | Reporting date extended to Monday April 6, 2026 |
| 4/15/2026 | Senate | Accompanied a new draft, see S3048 |
Similar Bills
S.3048 194th (Current)
An Act to stop cryptocurrency ATM misuse ("SCAM" Act)
H.1247 194th (Current)
An Act relative to preventing fraud and establishing regulations on certain virtual currencies
S.804 194th (Current)
An Act providing for regulation and reporting requirements for qualifying virtual currency kiosk operators
S.757 194th (Current)
An Act establishing regulations on certain virtual currencies for fraud prevention
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