Virginia Blockchain Council

Busy week for the VBC!

Virginia Advances Digital Asset Policy (HB798) The Virginia General Assembly has passed HB 798, legislation updating the Commonwealth’s Unclaimed Property Act to recognize digital financial assets like cryptocurrency. The bill now heads to the Governor’s desk awaiting signature. The bill ensures that if digital assets become dormant, there is a clear legal framework for custody, reporting, and ultimately returning value to rightful owners. The bill, patroned by Cliff Hayes Jr., passed with overwhelming bipartisan support — 96-2 in the House and unanimously in the Senate. While technical, this is an important step. Recognizing digital assets in statute helps modernize Virginia’s financial laws and signals the Commonwealth’s continued engagement with emerging technologies

This view never gets old especially when discussing blockchain! #vbc

VIRGINIA LEGISLATIVE UPDATE: DAOs & DIGITAL ASSETS MOVING FORWARD HB293 — Virginia DAO Bill
HB293 has passed the House floor by a 59–37 vote, largely along party lines, and now crosses over to the Senate. We’re cautiously optimistic as the companion Senate bill was previously killed this session. Amendments were adopted to directly address concerns raised by the Bar Association and SCC, strengthening the legislation and clarifying oversight. With those issues addressed, we’re hopeful the Senate will give HB293 a fair and thoughtful review as Virginia continues to modernize its approach to decentralized governance. HB798 — Unclaimed Property & Digital Assets HB798 has passed the House with overwhelming bipartisan support, 96–2. This bill modernizes Virginia’s unclaimed property framework by clearly addressing digital financial assets, and the strong bipartisan vote signals broad agreement on the need for clarity and consumer protection. HB798 now moves to the Senate for consideration.

🚀 Bitcoin & Blockchain: The Year Ahead 📅 Wednesday, Feb 18 6-8pm What does this year really hold for Bitcoin and blockchain in Virginia and beyond. Discuss what actually matters for builders, business owners, investors, and policymakers. Where Bitcoin adoption is accelerating (and where it isn’t) The real-world use cases for blockchain beyond hype Policy, regulation, and what’s coming out of Virginia and beyond How to think about the space in 2026 with clarity, not noise This isn’t a sales pitch or a beginner lecture. It’s a room full of people who are curious, thoughtful, and engaged asking good questions and comparing notes on what’s next. Good conversation. Sharp people. A look ahead that’s grounded and practical. GET REGISTERED!! 👇 👇 luma.com/tfh151re

Legislative Assistant Luncheon today. Big shout out to for leading the way. @BSVAssociation @AlexanderMann

Legislative Update – Momentum on HB 293 DAO Bill Today, HB 293 advanced out of committee and is now headed to the House floor for a full vote. This marks an important step forward not just for the bill itself, but for the broader work underway in the Commonwealth to thoughtfully engage with emerging technologies. This progress reflects months of deliberate effort and collaboration. The Commonwealth, the Virginia State Corporation Commission, Patron, legislative staff, and a wide range of stakeholders have all leaned into the hard work of getting this right—balancing innovation with clarity, consumer protection, and regulatory integrity. That kind of engagement matters, especially when shaping frameworks that will influence how new organizational and technological models responsibly operate in Virginia.

If you wanted to understand what the big fight is over stable coins this video does a very good job of explaining. youtu.be/9fPp4-PeyXo?si…

SB557 UPDATE — THE CONVERSATION MOVES FORWARD ⚖️ After a full and thoughtful committee hearing, SB557 Cryptocurrency Strategic Reserve was defeated on a 13–2 vote. That said, this was an important moment for Virginia. What SB557 would have done:
• Gave the State Treasurer authority to consider digital assets — not a mandate
• Established an advisory committee
• Required biennial reporting to the General Assembly
• Limited eligibility to large-cap assets (avg. $500B+ market cap)
• Required diversification to manage risk The debate was clear:
🏦 Bankers raised concerns about volatility and public funds
🧠 Proponents emphasized optionality, guardrails, and long-term preparedness This is a $2 trillion global asset class. Other states like New Hampshire and Texas have already begun exploring or already have invested in strategic reserve frameworks. Virginia isn’t there yet — but the conversation is no longer theoretical. Policy innovation rarely passes on the first try. What matters is that the issue is now on the record, on the radar, and moving forward. Appreciate the serious engagement from legislators on an emerging topic that isn’t going away.

Virginia General Assembly: House Side Momentum on DAO Bill HB293 HB293 (The Limited Liability Decentralized Autonomous Organization Act) moved out of subcommittee today. The vote was not unanimous, and the Bar Association remains opposed, but the bill advanced. Equally important: a number of community members showed up, took the time to participate, and advocated on behalf of the bill. That kind of engagement matters. The good news overall? With HB293 moving forward, we remain cautiously optimistic as we continue doing what actually moves the needle: educating, clarifying, and bringing precision to the conversation. Progress isn’t always linear, but clarity compounds. Up Next Today: SB557 Strategic Cryptocurrency Reserve bill (SB557) in General Laws. This bill is about optionality, fiduciary discretion, and allowing the Treasurer to evaluate — not mandate. Stay tuned

Busy day today

Fed Chair nominee Kevin Warsh on Bitcoin:

JUST IN: 🇺🇸 Senate Agriculture Committee PASSES Bitcoin and crypto market structure legislation out of committee.

Behind the Scenes at the Virginia General Assembly 2026: Blockchain & Digital Asset Policy in Motion. Sixteen days into the General Assembly session, the Virginia Blockchain Council is actively engaged on legislation that will shape how blockchain, cryptocurrency, and digital assets operate across the Commonwealth. DAO / LLD Framework (VBC priority) • HB293 (House) and SB782 (Senate) establish a new legal framework for Decentralized Autonomous Organizations (DAOs) through a Limited Liability DAO (LLD) structure. • Current discussions focus on implementation—State Corporation Commission workflow, filings, definitions, and fiscal considerations—so the law is workable in practice, not just on paper. The behind-the-scenes work includes drafting technical amendments, responding to SCC operational questions, preparing patron materials, and translating smart-contract reality into committee-room language. Other digital asset bills moving this session include: • SB557 — Strategic cryptocurrency reserve concepts for the Commonwealth • HB1121 — Public funds investment authority, including virtual currency • HB665 — Virtual currency kiosk (crypto ATM) regulation • SB489 (substitute) — Consumer protection and prohibited practices involving digital assets • HB798 — Unclaimed property treatment for digital financial assets • HB1521 — Property rights language that explicitly includes digital assets As these bills move through committee over the coming weeks, the Virginia Blockchain Council will continue to stay engaged and share updates along the way. Stay tuned as the conversation continues and this legislation takes shape during the session.

Down at the General Assembly today advocating for smart, forward-looking policy—DAO legal clarity, a Strategic Bitcoin Reserve, sensible treatment of unclaimed property, and a host of other issues shaping the future of innovation in Virginia. @GregLeffel @AlexanderMann

Big conversations shaping the future. 🚀💡 Policy, adoption, and real~world execution are finally converging, and this episode makes that clear. Hearing leaders from NABA break down where the U.S. is headed shows how critical thoughtful regulation and builder~first frameworks are for blockchain to scale responsibly. 🇺🇸⛓️ This is the kind of dialogue the industry needs right now. 🎯🔥

The Virginia Blockchain Council is proud to be in Washington, D.C. today and tomorrow for the Blockchain Association Policy Summit. These discussions are shaping the future of digital asset policy in the United States — from stablecoins and market structure to innovation, consumer protection, and competitiveness on the global stage.

Richmond’s Homeless Paid the Price — Virginia Needs DAO Transparency