summary
Introduced
01/14/2025
01/14/2025
In Committee
05/06/2025
05/06/2025
Crossed Over
05/06/2025
05/06/2025
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Adding Chapter 47 To Title 34 So As To Prohibit A Governing Authority From Accepting Or Requiring Payment Using Central Bank Digital Currency Or Participating In A Test Of Central Bank Digital Currency; To Permit Individuals Or Businesses Using Digital Currency For Transactions; To Provide That Digital Assets May Not Be Singled Out For Disparate Tax Treatment; To Provide That Digital Currency Transaction May Be Taxed If The Taxation Is The Same As If The Transaction Used United States Legal Tender; To Provide That Digital Currency Operations May Be Not Be Subjected To Disparate Zoning Treatment; To Provide That Digital Asset Mining Business Operations Shall Not Place Any Additional Stress On The Electrical Grid For Which They Are Connected And To Provide That Digital Mining Businesses Must Provide Certain Information To The Public Service Commission Upon Request; To Provide That Those Engaged In Digital Mining Operations Do Not Have To Obtain Certain Licenses And That Those Who Provide Certain Services Related To Digital Mining Or Staking Are Not Offering A Security; To Provide That The Attorney General Can Prosecute An Individual Who Or Business That Fraudulently Claim To Be Offering Digital Asset Mining As Service Or Staking As A Service; And To Define Necessary Terms.
AI Summary
This bill aims to establish comprehensive regulations for digital assets and cryptocurrency in South Carolina by creating a new legal chapter defining key terms and establishing protections for individuals and businesses engaging with digital currencies. The legislation prohibits government authorities from accepting or testing central bank digital currencies, while simultaneously protecting the rights of individuals and businesses to use digital assets for transactions, maintain self-hosted digital wallets, and engage in digital asset mining. The bill ensures that digital asset transactions cannot be subjected to discriminatory taxation and that digital asset mining businesses are treated fairly in industrial zoning areas. Importantly, the legislation requires digital asset mining businesses to operate without causing additional strain on the electrical grid and provides them certain operational protections, such as exemption from money transmitter licensing requirements. The bill also allows digital asset mining and staking services to operate without being classified as securities, while still preserving the Attorney General's ability to prosecute fraudulent claims in this domain. The law defines numerous technical terms like blockchain, nodes, staking, and digital assets to provide clear legal framework, and will take effect upon the Governor's approval.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to Committee on Labor, Commerce and Industry (on 05/06/2025)
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