íàçâàíèå

Pro-Bitcoin Colorado Governor Signs Cryptocurrency-Friendly Bill

Pro-Bitcoin Colorado Governor Signs Cryptocurrency-Friendly Bill

Jared Polis, the Governor of Colorado, has signed a cryptocurrency-friendly bill exempting digital tokens from state securities laws if their primary purpose is as a “consumptive.”


Colorado Digital Token Act

In November,Bitcoinistreported that US Representative Jared Polis, who is a known cryptocurrency and blockchain advocate, became Colorado’s Governor.

On March 6, Theresa Szczurek said that Polis has signed Colorado’s Digital Token Act. The act is supposed to enter into effect on Aug 2, 2019, and it aims to cement the state’s position as a “hub for companies and entrepreneurs that seek to utilize cryptoeconomic systems to power blockchain technology-based business models.”

The bill outlines the uncertainties companies face when buying, selling, and even issuing their own cryptocurrencies. It also exempts certain digital tokens from state securities regulations.


Exemptions Based on Purpose

Colorado’s Digital Token Act will effectively exempt cryptocurrencies from state securities laws if “the primary purpose of the digital token is a consumptive purpose.”

Additionally, the law is clearly addressing the ICO fundraising model. It stipulates that tokens issued through a crowdfunding campaign of the kind will be exempt from securities regulations if:

The issuer of the digital token markets the digital token to be used for a consumptive purpose and does not market the digital token to be used for a speculative or investment purpose.

Therefore, digital tokens will be subjected to securities regulations if they are used for “speculative or investment purposes.”

The law also outlines how exemptions will be granted. Per the document, each issuer of a digital token shall file a notice of intent with the securities commissioner before he can qualify for an exemption.

What do you think about Colorado’s Digital Token Act? Do you think regulation is needed for cryptocurrencies to recover and thrive? Don’t hesitate to let us know in the comments below!

Images courtesy of Twitter, Shutterstock.

The post Pro-Bitcoin Colorado Governor Signs Cryptocurrency-Friendly Bill appeared first on Bitcoinist.com.

10.03.2019 / 03:40 42
This is Why Colorado Signed the Pro-Blockchain Digital Token Act This is Why Colorado Signed the
That the crypto wave is sweeping across the US is true. From presidential candidates from both sides of the divide supporting cryptocurrencies and
Colorado Introduces Bill With Securities Law Exemptions for Cryptocurrencies Colorado Introduces Bill With
The U.S. state of Colorado has introduced the “Colorado Digital Token Act” which provides some “exemptions from the state securities laws for
Pro-Bitcoin Congressman Jared Polis is Colorado’s New Governor Pro-Bitcoin Congressman Jared Polis is
U.S. Representative Jared Polis, known for his favorable attitudes towards cryptocurrency and blockchain, will become Colorados next governor after
Gubernatorial Candidate Jared Polis Wants To Bring Blockchain to Colorado Gubernatorial Candidate Jared Polis
U.S. Representative Jared Polis (D-Colorado) has been a fan of cryptocurrencies for a while. Now hes running for governor and has been adding
Colorado Proposal Aims to Allow Cryptocurrency Donations for Campaigns Colorado Proposal Aims to Allow
The state of Colorado is considering giving political candidates the ability to raise funds using cryptocurrencies. This week the Secretary of State,
‘An Epic Fail’: Colorado Blockchain Bill Hits the Skids ‘An Epic Fail’: Colorado Blockchain
The bill would have exempted certain digital currencies from being regulated as securities under the Colorado Securities Act. Colorado’s blockchain
Comments (0)
Add a comment
Comment on