New Jersey bill would make securities of crypto sold to institutional investors

The New Jersey General Assembly may consider a bill that would decide when a digital asset or virtual currency is a security under state law. 

All virtual currencies issued and sold to institutional investors would be considered securities in the U.S. state of New Jersey under the bill introduced by Democratic Assemblyman Herb Conaway, Jr. on Nov. 29. According to the short text of the bill, the legislation would supplement the New Jersey Uniform Securities Law, which currently makes no mention of virtual, digital or cryptocurrency.

The bill pertains only to institutional investors, which are defined as “a company or organization that invests money on behalf of other people.” It also…

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