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h_bus_2018a_2018-04-12t13:32:34z0 Hearing Summary




PUBLIC
BILL SUMMARY For HB18-1220

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR
Date Apr 12, 2018      
Location LSB A



HB18-1220 - Amended, referred to House Finance


01:32:44 PM  

Representative Melton introduced House Bill 18-1220.  He distributed amendment L.002 (Attachment A), which is a strike-below amendment.  As amended, the bill defines the term "open blockchain token" and specifies that the definition of "investment contract" does not include an open blockchain token that is developed or sold for a consumptive purpose where the buyer at or near the time of sale has no expectation of profit.  He responded to questions from the committee.

01:44:10 PM  
Representative Kraft-Tharp asked those in the audience who were in favor and opposed to the bill to stand.
01:45:14 PM  

Jerry Rome, Securities Commissioner, Department of Regulatory Agencies, testified regarding the bill and potential amendments and responded to questions from the committee regarding initial coin offerings and blockchain tokens.  He spoke regarding the state's securities laws and how they relate to the provisions of the bill.

01:57:42 PM  

Eric Weissmann, Centazo, testified in support of amendment L.002.

02:01:11 PM  
Jon Shapiro, Ideas by Nature, testified
in support of amendment L.002.
02:05:01 PM  
Cooper Kernan, CU Blockchain, spoke in support of innovation in the blockchain arena.
02:06:15 PM  
Mr. Shapiro, Mr. Kernan, and Mr. Weissmann
responded to questions from the committee.
02:09:33 PM  
Justin Ellis, Ideas by Nature, testified regarding the bill.
02:17:20 PM  
Scott Sanderson, representing himself, testified in support of amendment L.002.
02:18:18 PM  

Hannah Parsons, National Cybersecurity Center, testified on the bill from a neutral position. She responded to questions from the committee.

02:23:06 PM  
Jill Richmond, Digital Asset Trade Association, testified in support of the bill, as amended by L.002.
02:23:50 PM  

David Gold, Access Venture Partners, testified in support of the bill as amended by L.002, and discussed the differences between utility tokens and security tokens.

02:27:15 PM  
Erik Voorhees, ShapeShift, testified in support of the bill
as amended by L.002.  He responded to questions from the committee.
02:30:45 PM  
Mr. Gold, Mr. Voorhees, and Ms. Richmond
responded to questions from the committee.
02:33:57 PM  

Michael Perklin, ShapeShift, testified in support of the bill as amended by L.002.

02:37:49 PM  
Kiara Burgemeister, Key Hodlers LLC, testified in support
of the bill as amended by L.002.
02:39:48 PM  

Paul Quigley, BlocLab Enterprises, testified in support of the bill as amended by L.002.

02:42:18 PM  

Mark Jackson, Microtick, testified in support of the bill as amended by L.002.

02:44:13 PM  

Jeff Perrin, the Spiga Group, testified in support of the bill as amended by L.002.



02:47:38 PM
Motion Adopt amendment L.002
Moved Gray
Seconded Sandridge
Arndt
Coleman
Exum
Garnett
Gray
Liston
Sandridge
Sias Excused
Thurlow
Van Winkle
Williams D.
Winter
Kraft-Tharp Excused
YES: 0   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  Pass Without Objection


02:48:58 PM
Motion Refer House Bill 18-1220, as amended, to the Committee on Finance.
Moved Williams D.
Seconded Gray
Arndt Yes
Coleman Yes
Exum Yes
Garnett Yes
Gray Yes
Liston Yes
Sandridge Yes
Sias Excused
Thurlow Yes
Van Winkle Yes
Williams D. Yes
Winter Yes
Kraft-Tharp Excused
Final YES: 11   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  PASS






The House and Senate are temporarily adjourned.  The building is closed to the public.

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