Eric Kintner, private attorney and member of the Colorado Blockchain Council and speaking for himself, asked that the commission not introduce this act this year. He feels that the recent banking division regulations are sufficient to guide the industry for now. This is an emerging industry and the technology is still evolving; it may be better to start with regulatory guidance until large policy questions can be researched. Scott Sanderson, private attorney and member of the Colorado Blockchain Council, also speaking for himself, does not want to see the act introduced this year. The uniform act is overly complicated and may discourage businesses in Colorado. Specific concerns with the act included definitions and the applicability of the definitions. There is not an official council opinion regarding this act, but the consensus seems to be supportive of the guidance issued by the banking division regarding how virtual currency businesses fit under the money transmission act. The council is working with the legislature this year, through Senator Tate, on a Digital Token Act dealing with token offerings under the Colorado securities act.
The commission had questions regarding what entity currently has the legal authority to take action to protect consumers in regards to virtual currency complaints and the continuation of the Blockchain Council under the new Governor. It also noted that the September banking division guidance was termed an "interim regulatory guidance". The commission expressed concern at the lack of knowledge regarding the uniform act among potential stakeholders. Commission consensus was to not move forward with the Uniform Regulation of Virtual Currencies Act at this time. Representative Tipper volunteered to become the commission contact on the act for future discussions.