Bill
Bill > A5747
NJ A5747
NJ A5747Classifies all virtual currencies issued and sold to institutional investors as securities.
summary
Introduced
11/30/2023
11/30/2023
In Committee
11/30/2023
11/30/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill classifies all virtual currencies issued and sold to institutional investors as securities. Under the bill, a virtual currency, issued and sold directly to an institutional investor, will be classified as a security and be subject to the State's "Uniform Securities Law" and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectuate the purposes of the bill. As used in the bill, "institutional investor" means a company or organization that invests money on behalf of other people, and includes, but is not limited to, banks, hedge funds, endowments, private equity firms, pension funds and mutual funds. "Institutional investor" also includes a "qualified institutional buyer" as defined pursuant to federal regulation.
AI Summary
This bill classifies all virtual currencies issued and sold to institutional investors as securities. Under the bill, a virtual currency, issued and sold directly to an institutional investor, will be classified as a security and be subject to the State's "Uniform Securities Law" and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectuate the purposes of the bill. The bill defines "institutional investor" to include companies or organizations that invest money on behalf of other people, such as banks, hedge funds, endowments, private equity firms, pension funds, and mutual funds, as well as qualified institutional buyers as defined under federal regulation.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 11/30/2023)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Securities and Commodities Regulation
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5747 | 11/20/2023 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5747_I1.HTM | 12/02/2023 |
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