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HD 935

An Act relative to preventing fraud and establishing regulations on certain virtual currencies

194th Legislature (2025-2026) Introduced by Colleen Garry and 7 co-sponsors

Massachusetts bill establishes licensing, consumer protections, and fraud prevention requirements for virtual currency exchanges and service providers operating in the state.

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WeVote Research Nonpartisan
Bill Summary · HD 935

Legislative bill overview

HD 935 establishes regulatory frameworks and anti-fraud measures for virtual currencies and related financial activities in Massachusetts. The bill creates licensing requirements for cryptocurrency exchanges, custodians, and other virtual currency service providers, while implementing consumer protection safeguards and reporting obligations.

Why is this important

Cryptocurrency fraud and platform collapses have cost Massachusetts consumers millions in losses. Clear state-level regulation provides consumer protections, establishes standards for who can operate in the market, and creates enforcement mechanisms—addressing a gap where most crypto activity currently operates with minimal oversight.

Potential points of contention

  • Regulatory burden: Small crypto businesses may argue licensing requirements create excessive compliance costs that disadvantage them against larger competitors
  • Jurisdictional overlap: Unclear how state regulations coordinate with federal authorities (SEC, CFTC) already claiming jurisdiction over crypto, potentially creating conflicting rules
  • Definition challenges: "Virtual currency" is technically broad and evolving; overly inclusive definitions could inadvertently capture non-financial blockchain applications or stablecoins differently than intended
  • Innovation concerns: Tech advocates may contend strict regulations could push cryptocurrency development and businesses to other states with lighter regulatory touch

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

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