South Carolina House Bill 3495 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on January 12 2021 - 25% progression, died in committee
Action: 2021-02-02 - Member(s) request name added as sponsor: Hill
Pending: House Labor, Commerce and Industry Committee
Text: Latest bill text (Introduced) [HTML]

Amend The Code Of Laws Of South Carolina, 1976, So As To Enact The "south Carolina Blockchain Industry Empowerment Act Of 2021" In Order To Establish This State As An Incubator For Tech Industries Seeking To Develop Innovation By Using Blockchain Technology; By Adding Section 33-6-245 So As To Further Provide For The Construction Of Terms Relating To Stock And Certificate Tokens; To Amend Section 33-6-250, Relating To The Form And Content Of Corporate Stock Certificates, So As To Authorize Corporations To Issue Certificate Tokens In Lieu Of Stock Certificates; By Adding Chapter 47 To Title 34 So As To Provide That A Person Who Develops, Sells, Or Facilitates The Exchange Of An Open Blockchain Token Is Not Subject To Specified Securities And Money Transmission Laws, And To Provide Specified Verification Authority To The Attorney General And Banking Commissioner; By Adding Chapter 51 To Title 34 So As To Specify That Digital Assets Are Property Within The Uniform Commercial Code, To Authorize Security Interests In Digital Assets, To Establish An Opt-in Framework For Banks To Provide Custodial Services For Digital Asset Property As Custodians, To Specify Standards And Procedures For Custodial Services, To Clarify The Jurisdiction Of South Carolina Courts Relating To Digital Assets, To Authorize A Supervision Fee, And To Provide For Other Related Provisions To Digital Assets; To Amend Section 35-11-105, Relating To Definitions Under The South Carolina Anti-money Laundering Act, So As To Define The Term "virtual Currency"; And To Amend Section 35-11-110, Relating To Matters And Transactions To Which The Anti-money Laundering Act Does Not Apply, So As To Provide That The Act Does Not Apply To Buying, Selling, Issuing, Or Taking Custody Of Payment Instruments Or Stored Value In The Form Of Virtual Currency Or Receiving Virtual Currency For Transmission To A Location Within Or Outside The United States By Any Means.

SC Blockchain Industry Empowerment Act of 2021

Rep. Stewart Jones [R]

Rep. Terry Alexander [D]

Rep. Jonathon Hill [R]

Date	Chamber	Action
2021-02-02	House	Member(s) request name added as sponsor: Hill
2021-01-27	House	Member(s) request name added as sponsor: Alexander
2021-01-12	House	Referred to Committee on Labor, Commerce and Industry
2021-01-12	House	Introduced and read first time
2020-12-16	House	Referred to Committee on Labor, Commerce and Industry
2020-12-16	House	Prefiled

Chapter	Article	Section	Citation Type	Statute Text
33	6	245	(n/a)	See Bill Text
33	6	250	(n/a)	See Bill Text
35	11	105	(n/a)	See Bill Text
35	11	110	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=3495&session=124&summary=B
Text	https://www.scstatehouse.gov/sess124_2021-2022/prever/3495_20201216.htm