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HB18-1220

Bitcoin Dealers Licensed As Money Transmitters

Concerning a requirement that persons who deal in cryptocurrency be regulated under the laws regulating money transmitters.
Session:
2018 Regular Session
Subjects:
Business & Economic Development
Financial Services & Commerce
Bill Summary

Under current law, persons who offer cryptocurrency 'wallets', buy or sell cryptocurrencies, or exchange cryptocurrency with fiat currency are not clearly outside the scope of activity subject to the 'Colorado Securities Act' or the 'Money Transmitters Act'. The bill defines a new term, 'open blockchain token', to describe a unit of cryptocurrency (e.g., bitcoin), and amends the definition of a security to exclude an open blockchain token so long as it is developed and sold in accordance with specified standards.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Lost

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. J. Melton
Sen. J. Tate

Sponsor

Co-sponsor

Rep. A. Garnett, Rep. J. Singer, Rep. K. Van Winkle, Rep. A. Winkler