Bill > HB05237

This bill proposes amendments to Connecticut's penal and legal codes concerning cryptocurrency and a type of financial fraud known as "pig butchering scams" (a scheme where scammers build trust with victims over time before convincing them to invest in fraudulent cryptocurrency investments). Specifically, the bill aims to: (1) update the legal definition of digital currency to align with existing banking definitions, treating it as a monetary instrument; (2) enable law enforcement to confiscate digital wallets associated with theft before a criminal conviction, with the goal of creating a fund to compensate victims; and (3) establish a due process hearing mechanism that ensures the digital wallet holder receives proper legal notice and an opportunity to contest the confiscation. The bill seeks to provide law enforcement with more robust tools to address emerging financial crimes in the cryptocurrency space, particularly those involving sophisticated fraud schemes that target individuals through elaborate social engineering tactics.

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https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05237&which_year=2025