j_ccu_2018a_2018-10-15t11:02:04z8 Hearing Summary

Patty Salazar, Department of Regulatory Agencies, stated that the division has no position on this act but looks forward to being part of the conversation regarding this advancing technology and would like to work with the commission and other interested stakeholders. Bank regulators across the country are looking at virtual currency, and how it does and does not fit into the current financial services regulatory framework. The commission asked how the division of banking is currently regulating virtual currency, what timelines might be needed for implementation of the act, and the division’s thoughts on organizational oversight and rulemaking needs. The division uses the current Money Transmitters Act for guidance regarding current regulation, but there are aspects of virtual currency that are not subject to the Money Transmitters Act. The commission is also conferring with the Governor's Council on the Advancement of Blockchain Technology Use regarding the act.

The commission deferred action on this bill until the next meeting.