Researcher: KLM Page 1 3/26/25
OLR Bill Analysis
sHB 6990
AN ACT CONCERNING THE SEIZURE AND FORFEITURE OF
DIGITAL WALLETS AND VIRTUAL CURRENCY.
SUMMARY
This bill explicitly includes digital wallets and virtual currency in the
property subject to the state’s laws on (1) seizing property associated
with a criminal arrest or under a search warrant and (2) forfeiting
property related to illegally selling controlled substances, money
laundering, or committing certain identity theft crimes.
For purposes of these laws, the bill specifies that a “digital wallet” is
an electronic or digital functionality that (1) stores consumer account or
payment credentials (e.g., in encrypted or tokenized form) and (2)
transmits, routes, or otherwise processes the credentials in a consumer
payment transaction. “Virtual currency” is generally a digital unit (1)
used as a medium of exchange or form of digitally stored value or (2)
incorporated into payment system technology. It includes digital units
of exchange that have a centralized repository or administrator, are
decentralized without a centralized repository or administrator, or may
be created or obtained by computing or manufacturing.
The bill makes associated conforming changes.
EFFECTIVE DATE: October 1, 2025
COMMITTEE ACTION
Banking Committee
Joint Favorable
Yea 13 Nay 0 (03/11/2025)