Legislature(2025 - 2026)
2026-05-12 Senate Journal
Full Journal pdf2026-05-12 Senate Journal Page 2598 SB 249 CS FOR SENATE BILL NO. 249(JUD) "An Act relating to virtual currency kiosks; relating to transactions involving virtual currency; relating to unfair trade or deceptive acts or practices; and providing for an effective date" was read the third time. Senator Tilton moved the bill be returned to second reading for the purpose of a specific amendment, that being Amendment No. 1. Without objection, the bill was returned to second reading. Senator Tilton offered Amendment No. 1 : Page 9, lines 1 - 3: Delete all material. Renumber the following paragraphs accordingly. Page 9, lines 8 - 10: Delete "the exchange of virtual currency for money, bank 2026-05-12 Senate Journal Page 2599 credit, or other virtual currency by connecting directly to a separate virtual currency exchange" Insert "a virtual currency exchange by connecting directly with another person that exchanges virtual currency" Page 9, line 27, through page 10, line 12: Delete all material and insert: "* Sec. 3. AS 06.55.990(15) is amended to read: (15) "money transmission" (A) means (i) selling or issuing payment instruments or stored value to a person located in this state; (ii) [, OR] receiving money or monetary value for transmission to the state, from the state, or within the state; or (iii) operating a virtual currency kiosk; (B) [, BUT] does not mean [INCLUDE] the provision solely of [DELIVERY,] online services, telecommunications services, or network access; * Sec. 4. AS 06.55.990 is amended by adding new paragraphs to read: (25) "control of virtual currency," when used in reference to a transaction or relationship involving virtual currency, means the power to execute unilaterally or prevent indefinitely a virtual currency transaction; (26) "in this state" means at a physical location within this state for a transaction requested in person; (27) "virtual currency" (A) means a digital representation of value that (i) is used as a medium of exchange, unit of account, or store of value; and (ii) is not money, whether or not denominated in money; (B) does not mean 2026-05-12 Senate Journal Page 2600 (i) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency; or (ii) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform; (28) "virtual currency administration" means issuing virtual currency with the authority to redeem the currency for money, bank credit, or other virtual currency; (29) "virtual currency business activity" means (A) exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor; (B) holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals; or (C) exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for (i) virtual currency offered by or on behalf of the same publisher from which the original digital representation of value was received; or (ii) money or bank credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received; (30) "virtual currency control services vendor" means a person that has control of virtual currency 2026-05-12 Senate Journal Page 2601 solely under an agreement with a person that, on behalf of another person, assumes control of virtual currency; (31) "virtual currency exchange" means to (A) assume control of virtual currency from or on behalf of a person, at least momentarily; (B) sell, trade, or convert (i) virtual currency for money, bank credit, or one or more forms of virtual currency or money; or (ii) bank credit for one or more forms of virtual currency; (32) "virtual currency transfer" means to assume control of virtual currency from or on behalf of a person and to (A) credit the virtual currency to the account of another person; (B) move the virtual currency from one account of a person to another account of the same person; or (C) relinquish control of virtual currency to another person." Senator Tilton moved for the adoption of Amendment No. 1. Without objection, Amendment No. 1 was adopted. CS FOR SENATE BILL NO. 249(JUD) am was automatically in third reading. Senators Kawasaki, Giessel, Gray-Jackson, Rauscher, Kaufman, Stedman, Stevens moved and asked unanimous consent to be shown as cosponsors on the bill. Without objection, it was so ordered. The question being: "Shall CS FOR SENATE BILL NO. 249(JUD) am "An Act relating to virtual currency kiosks; relating to transactions involving virtual currency; relating to unfair trade or deceptive acts or practices; and providing for an effective date" pass the Senate?" The roll was taken with the following result: 2026-05-12 Senate Journal Page 2602 CSSB 249(JUD) am Third Reading - Final Passage Effective Date(s) YEAS: 20 NAYS: 0 EXCUSED: 0 ABSENT: 0 Yeas: Bjorkman, Claman, Cronk, Dunbar, Giessel, Gray-Jackson, Hoffman, Kaufman, Kawasaki, Kiehl, Merrick, Myers, Olson, Rauscher, Stedman, Stevens, Tilton, Tobin, Wielechowski, Yundt and so, CS FOR SENATE BILL NO. 249(JUD) am passed the Senate. Senator Giessel moved and asked unanimous consent the vote on the passage of the bill be considered the vote on the effective date clause. Without objection, it was so ordered and the bill was referred to the Secretary for engrossment.