Virginia: Crypto Task Force and Legislation

Task force: Past or unclearReserve: FailedKiosks: Law

Task force or study body Reported

JCOTS Blockchain Advisory Committee (Joint Commission on Technology and Science) · Status unclear

• Created by: Established within JCOTS for a one-year term; creating instrument and date not stated in sources read (JCOTS 2025 interim; RD36 report dated December 2025 says it was established for one year)
• Organized by: Joint Commission on Technology and Science (JCOTS), a legislative commission staffed by Division of Legislative Services; contact listed as Jodi Kuhn, JCOTS Executive Director
• Led by: Sen. Saddam Salim (chair presiding, per May 7, 2025 meeting agenda); Jodi Kuhn, Executive Director (agenda dated May 7, 2025). Chair for later meetings not confirmed.
• Members: Described in RD36 only generally: legislators within and outside JCOTS, industry representatives, and stakeholders; no individual members named in sources read. May 7, 2025 presenters: Ian Appel (UVA Darden), Waleed Haj Hasan (Wharton), Paul Brigner (Electric Coin Co.), Del. Dan Helmer (HB 1796, DAOs).
• Outputs and timeline: Met five times (per RD36). Meetings seen: May 7, 2025 and July 23, 2025. Focus areas: regulatory sandboxes, DAOs, virtual currency kiosks. It voted on one policy recommendation to the full JCOTS, which was not endorsed for the 2026 Session (RD36). Annual JCOTS report RD36 (Dec 2025).

Sources: JCOTS Annual Report RD36 (Dec 2025), Blockchain Advisory Committee agenda, May 7, 2025, Blockchain Advisory Committee meeting listing, July 23, 2025, JCOTS meetings page

JCOTS blockchain / digital asset mining / cryptocurrency study (2024) · Concluded

• Created by: 2024 Acts of Assembly ch. 707 (SB 339), approved April 8, 2024; a companion study mandate is reported as ch. 709 (SB 439), also approved April 8, 2024 (ch. 709 per CryptoSlate, secondary)
• Organized by: JCOTS, in consultation with the State Corporation Commission and other stakeholders. The introduced version of SB 339 would have created a 13-member work group under the SCC Bureau of Financial Institutions (Cointelegraph); the enacted act directs JCOTS instead.
• Led by: Not specified in the act
• Members: Not specified in the act
• Outputs and timeline: Report to House/Senate committees due December 1, 2024. CryptoSlate (secondary) says the Reports to the General Assembly site listed the report as overdue; we did not locate the report itself.

Sources: 2024 Acts ch. 707 (SB 339) text, 2024 Acts ch. 709 (uncodified) listing, CryptoSlate profile of the 2024 study (secondary), Cointelegraph on introduced SB 339 (secondary)

Committee leadership comes from a May 2025 agenda; the 2025 and 2026 interim leadership may differ after the 2025 elections and 2026 session. The JCOTS meeting page for 2026 lists meetings May 6, June 3, Aug 5, Oct 8 and Nov 4, none described as blockchain-related. A Dec 2024 JCOTS vote creating the committee was not located (a Notion page titled 'Blockchain Advisory Committee Motion' appeared in search results but was not opened).

Bitcoin or digital asset reserve law Reported

SB 557 (2026, Sen. Bryce Reeves) would have created a Commonwealth Strategic Cryptocurrency Reserve Fund in the Treasury for investing in bitcoin or similar assets, with an advisory committee and biennial report. Per the VPAP bill tracker, the Senate General Laws and Technology Committee passed it by indefinitely on Feb 4, 2026 by a 13-2 vote, ending it for the session. (Some crypto press framed the 13-2 vote as 'advancing'; the VPAP status history indicates it was killed.) The LIS bill page could not be read, so this rests on a tracker that mirrors LIS.

Sources: VPAP: SB 557 status history, Bitcoin Magazine (secondary, describes provisions)

Licensing Reported

Virginia's Bureau of Financial Institutions notice (revised Aug 25, 2021) says it does not currently regulate virtual currencies, but transactions that also transfer fiat may fall under the money transmitter chapter (Va. Code Title 6.2, ch. 19). HB 1942 (2025 Acts ch. 214) enacted a new money transmission chapter (19.1), operative July 1, 2026, which defines virtual currency and excludes it from 'money' and does not appear to adopt a dedicated virtual-currency licensing article (per CryptoSlate, secondary, last verified June 9, 2026). Kiosk operators now have a separate license (see kiosks).

Sources: Virginia BFI notice on virtual currency (rev. Aug 25, 2021), CryptoSlate: HB 1942 / ch. 19.1 treatment of virtual currency (secondary)

Crypto kiosks (ATMs) Confirmed

HB 665 and SB 489 (2026; 2026 Acts chs. 654 and 655) create Va. Code ch. 22.2, Virtual Currency Kiosks. Primary source read: Va. Code 6.2-2241 requires a State Corporation Commission license before operating or placing kiosks, with unlicensed transactions void; that section is effective July 1, 2027. Secondary sources (Orrick, NatLawReview) report enactment on or about April 13, 2026, SCC accepting applications by March 1, 2027, limits of $2,000 per transaction/day for new users, $5,000 for existing users and $10,000 per month, an 18% fee cap, fraud and volatility warnings, a refund right for reported fraud within 90 days, and a surety bond of up to $25,000. Note that bitcoinlaws.io lists SB 489 as effective July 1, 2026, which conflicts with the code section's July 1, 2027 date; we followed the code.

Sources: Va. Code 6.2-2241 (license required), Va. Code Title 6.2 ch. 22.2, Orrick summary (Apr 24, 2026), NatLawReview: states targeting kiosks (Apr 30, 2026), bitcoinlaws.io: SB 489

Industry groups (non-governmental)

• Virginia Blockchain Council (NABA member): Industry group listed as a founding NABA member.

Sources: NABA founding members (relayed report of the January 2025 launch)

Other 2025 to 2026 actions

• 2026-04-13 (approx.; effective 2026-07-01): HB 798 (2026, Ch. 669) extends Virginia's unclaimed property law to digital assets; dormant crypto is transferred to the state in kind and held at least one year before any liquidation. Passed House 96-2 and Senate 40-0; approved by the governor April 13, 2026 (per bitcoinlaws.io; The Block dated April 15, 2026). Secondary sources only.
• 2025 (year not confirmed in source): HB 263 would let state-chartered banks with trust powers hold digital assets in custody, with risk-management protocols; reported as passing the legislature unanimously. The source (a newsletter) says it expected a signature but does not confirm it, and does not state the year. Treat as unverified.
• 2025-03-21: HB 1942 (2025 Acts ch. 214) enacted a new money transmission chapter (19.1), operative July 1, 2026, defining virtual currency as outside 'money' (CryptoSlate, secondary).

Sources: The Block, bitcoinlaws.io: HB 798, The Informer Post newsletter (secondary), CryptoSlate

Source notes: Blockchain Advisory Committee was a one-year body; its current status and chair after the 2025 interim are unverified. The 2024 JCOTS report itself was not located. SB 557 outcome rests on a tracker, not the LIS page. Kiosk effective date conflict (2026 vs 2027) between secondary sources and the code section.