Colorado expects from revamped bill after the previous failed last year

05 Jan, 2019 | Updated: 05 Jan, 2019
by Fifi Arisandi
Regulation
Colorado expects from revamped bill after the previous failed last year

A new blockchain bill is ready, after the previous bill failed to get the legislative approval last year in the state of Colorado.

Following a failed blockchain bill in the State of Colorado’s legislative board last year, a new bill has been created and is now ready for another push, as reported by local media, The Colorado Sun.

While the co-sponsor remains the same, Senator Jack Tate, the approach to get to the new bill is claimed to be different with the failing one.

Prior to revamping the bill, Tate spent the last 6 months learning from local blockchain and finance companies, working with politicians from both parties and hearing from state regulators, a process which was not done with the previous.

“We had a broad approach (in the bill) last year without any stakeholder input,” he said.

He went on explaining the difference with the previous one is that this time, the creation was “touched” by many who were previously against the bill, such as regulators from the state’s banking and securities divisions.

Initially, the “formulating group”, called the Council for the Advance of Blockchain Technology was created by Colorado State governor, John Hickenlooper, following the rejection, which consisted of Bitcoin entrepreneur, Erik Voorhees, Rep. Tracy Kraft-Tharp, D-Arvada, and CEO of tech accelerator, Exponential Impact, Hannah Parsons.

As the team carried on with their responsibilities, they communicated via Slack, held regular meetings, prioritized problems, split into working groups, and asked for inputs from citizens and government agencies, such as the secretary of state’s office, Department of Revenue and Department of Higher Education.

All the hard work eventually resulted in one potential bill, however, one of the council member, Eric Kintner said that they actually achieved much more without new laws.

“I was really heartened by how much good faith everybody put into the process and how the regulators were willing to meet us and express their concerns but, at the same time, find solutions,” he said.

Regardless the results of the revamped bill, looking at the whole process, it can be said that the people in the State of Colorado have gone way above any other states when it comes to embracing crypto to support everyone’s interest.

However, as Senator Tate said, “We need this because, right now, we have regulatory uncertainty in terms of blockchain technology. And where there’s uncertainty, there’s an ambivalence to making capital investments and business investments.”

“The overall goal is to make sure Colorado’s innovative spirit stays in place,” he closed his statement.

Read more:

Crypto exchanges in Colorado US, don’t need money license to trade non-fiat crypto

New bill allows banks in Wyoming to deal with crypto

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