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Colorado Governor Signs Crypto Exemptions into Law

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Colorado Governor Signs Crypto Exemptions into Law

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The Colorado Digital Token Act has been signed into law by Jared S Polis, the Governor of the state of Colorado, on 6 March 2019.

Democrat Steve Fenberg and Republican Jack Tate initially proposed the new legislation in January at the state Senate level. The act aims at providing limited exemptions for securities traders and registration. Moreover, exemptions from licensing requirements for persons dealing in digital tokens were also included.

Cryptocurrency was identified in the bill as a digital unit secured through a decentralized database or ledger having specific characteristics. These units are exchangeable for services or goods and people can transfer or trade it without a custodian of value or intermediary.

In May 2018, a bill intended to govern cryptocurrencies was voted down by Colorado’s senators. The bill aimed at exempting specific “open blockchain tokens” to be identified as securities. The rejection of the bill disappointed many private sector investors. However, venture capitalist David Gold maintained that Colorado should say that it is looking to provide lucidity for the crypto sector and it will be difficult for fraudsters to breach security laws.

Recently, a bill was filed by Senator Jack Tate along with representatives Marc Catlin and Jeni James Arndt that tasked Colorado Water Institute at Colorado State University to study the possible integration of blockchain technology into the present system in order to manage water rights’ database.

In addition to Colorado, the US state of Wyoming also passed two crypto-related bills. One was related to depositories serving blockchain businesses while the other pertained to the tokenization of assets. These bills will come into effect by the end of 2019.

 

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