Representative Melton and Representative Pabon, co-prime bill sponsors, presented House Bill 18-1426. Under current law, virtual currency activities are not subject to any state regulation. The bill exempts the transmission of virtual currency from the Money Transmitters Act in the Division of Banking in the Department of Regulatory Agencies. The bill defines the term "virtual currency" to mean any type of digital representation of value that is used as a medium of exchange, unit of account, or store of value, which is not recognized as legal tender by the United States government. Representative Melton explained amendment L.002 [Attachment C].