New Jersey serves one of the largest crypto customer bases in the country without a crypto-specific licensing law. The Department of Banking and Insurance applies money transmission licensing to fiat-touching crypto business by interpretation, the Bureau of Securities has been among the most active state enforcers, its action against BlockFi's interest accounts helped set the national template for yield-product enforcement, and the Digital Asset and Blockchain Technology Act, which would create a licensing regime, has passed individual chambers repeatedly since 2022 without being enacted. Until it moves, New Jersey firms operate under the transmission-plus-securities overlay, and the state's posture is defined more by its enforcement docket than by statute.
The instruments
Digital Asset and Blockchain Technology Act (pending)
Would require DOBI licensing for digital asset business activity with New Jersey residents, with disclosure, custody, and examination provisions; repeatedly passed one chamber without completing the process.