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SD 2430

An Act providing for consumer protection in a digital economy

194th Legislature (2025-2026) Introduced by Barry Finegold

Requires MA Treasurer to develop and periodically update a digital-asset education module for residents, aiding crypto literacy, money management, and digital-security protection.

House concurred
0
WeVote Research Nonpartisan
Bill Summary · SD 2430

Summary: Senate Docket No. 2430 — An Act Providing for Consumer Protection in a Digital Economy (2025)

Overview

  • Bill: SD 2430, “An Act providing for consumer protection in a digital economy”
  • Sponsor/Petitioner: Barry R. Finegold
  • Introduced: February 27, 2025
  • Status: House concurred; referred to committee on Advanced Information Technology, the Internet and Cybersecurity on introduction date
  • Legislative context: Senate Docket No. 2430; related matter previously filed in 2023-2024 sessions; part of the 194th General Court (2025-2026)

Purpose and intent

The bill aims to enhance consumer protection and financial literacy regarding digital assets by establishing an official resource that Massachusetts residents can use to understand cryptocurrencies and related digital assets, manage finances effectively, and protect personal security in digital contexts.

Key provisions

  • Insertion of a new Section 79 into Chapter 10 of the General Laws (immediately after existing section 78).
  • Core duty: The Office of the State Treasurer and Receiver General must develop and periodically review and update a digital module and related resources focusing on cryptocurrencies and digital assets.
  • Purpose of the module/resources: To support Massachusetts residents in:
    • Overseeing their finances
    • Understanding money management strategies
    • Protecting their security in the digital economy
  • The language emphasizes ongoing updates and periodic reviews, but does not specify a funding mechanism, timeline for updates, or required content beyond the stated focus areas.

Who/what is affected

  • Primary responsible entity: Office of the State Treasurer and Receiver General
  • Beneficiaries: Massachusetts residents who seek information and guidance on cryptocurrencies, digital assets, and related financial security practices
  • Broader impact: Potentially increases financial literacy and consumer protection by providing authoritative, state-backed digital asset resources

Procedural and timeline aspects

  • Legislative actions:
    • Filed: January 17, 2025 (Senate Docket No. 2430)
    • Referred: February 27, 2025, to the committee on Advanced Information Technology, the Internet and Cybersecurity
    • Status: House concurred (on February 27, 2025)
  • Implementation timeline: The bill requires ongoing development and periodic updating of the digital module; the text does not specify discrete start dates or update cadence beyond “periodically review and update.”

Notes and context

  • The bill would amend Chapter 10 by adding Section 79, creating a formal, ongoing obligation for the state treasurer’s office to provide digital-era consumer education related to cryptocurrencies and digital assets.
  • No explicit funding or grant provisions are described in the available text.
  • Similar proposals have appeared in prior sessions (House No. 70, 2023-2024), indicating ongoing interest in digital economy consumer protections.

Compiled from official sources — confirm details with the bill’s official record.

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