Senate Bill 2632 Summary

• Creates a Digital Asset Act classifying digital assets into three categories (digital consumer assets, digital securities, and virtual currency) and establishing them as intangible personal property under the Uniform Commercial Code.

• Authorizes security interests in digital assets to be perfected through "control" (exclusive legal authority via private keys, multi-signature arrangements, or smart contracts) rather than traditional financing statements, with control-based interests taking priority over non-control interests.

• Establishes an opt-in framework allowing banks to provide digital asset custodial services upon 60 days' notice to the commissioner, with requirements for independent audits, compliance with federal anti-money laundering rules, and segregation of customer assets.

• Imposes a supervision fee of $0.0002 per dollar on digital assets held in custody annually, payable to the Department of Banking and Consumer Protection's Banking Maintenance Fund.

• Clarifies Mississippi court jurisdiction over digital asset disputes and amends Section 81-5-33 to authorize banks to exercise digital asset custodial powers under their fiduciary authority.