Technology (Emerging Technology)

HB 7957 prohibits government entities from forcing individuals to disclose private keys that control digital assets (like cryptocurrency), digital identities, or other digital rights. It directly affects users of digital assets and online services who rely on private keys for security. The bill’s key provision prevents courts or agencies from compelling the production of these keys, treating them as protected information similar to passwords. As a procedural measure, it does not change existing laws but aims to establish a clear legal barrier against forced disclosure. The bill is currently under review by the House committee.

Creates a council to supervise, manage and regulate special depository institutions. The act also allows for the controlled issuance of limited waivers of regulatory requirements for the creators of innovative financial products.

SB 2196 prohibits courts or government entities from forcing individuals to reveal private keys that control access to digital assets (like cryptocurrency), digital identities, or other digital rights. It applies directly to people holding such keys, such as cryptocurrency owners or digital service users. The law allows exceptions only if a public key cannot be used to access the asset or information. This does not prevent legal actions requiring the transfer of the digital asset itself, only the forced disclosure of the private key. The bill would take effect immediately upon passage.