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Colorado State Senate Introduces Bill to Exempt Crypto From Securities Laws

Distributed Summary:

  • If the bill becomes law, it will protect crypto assets from licensing and tax laws that apply to securities
  • Bill argues for a state environment that supports crypto-based business activity
  • Follows a recent effort from Colorado’s state commissioner to crack down on fraudulent ICOs

A bill has recently been introduced into the State Senate of Colorado that, if enacted, will grant crypto assets exemption from several securities regulations.

According to the legal filing, the bill “provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens.”

This bill, should it pass, will allow qualifying cryptocurrencies to become exempt from several licensing and tax laws that apply to securities in the state. Breathing room like this could become a serious incentive for Coloradans to enter the industry, or for the industry to expand operations in Colorado.

In setting up the framework for a new law, the bill details several significant premises for new support of cryptocurrency. In its legal declarations section, the bill claims that “Colorado has become a hub for companies and entrepreneurs that seek to utilize cryptoeconomic systems,” and that said systems “can be an important component of blockchain technology,” which has the potential to create what it calls “Web 3.0.”

To this end, the language of this bill ties the support for cryptocurrency to the belief that new entrepreneurs will be able to bring new life to Colorado’s economy and that they should be supported by whatever means the government can easily provide.

The state of Colorado has recently been making several inroads toward creating an ecosystem friendly to crypto businesses and customers. Last November, for example, the state securities commissioner engaged in a brief crackdown of fraudulent ICO launches, helping to create a safer environment for crypto investment. As the commissioner said at the time, his main targets were “fraudsters who will simply create a fake ICO to steal investors’ money, or spoof a legitimate ICO to trick investors into wrongfully paying them.”

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