Lawmakers in Colorado introduced the “Colorado Digital Token Act” on Friday which, among other proposals, exempts cryptocurrencies from certain securities laws. According to the filing:
The Colorado Sun publication elaborated, “If a token doesn’t qualify under the Colorado safe harbor” law, it will need to be “analyzed under typical securities law, or what is known as the Howey Test.”
In June, Gov. John Hickenlooper created the Council for the Advance of Blockchain Technology. The group is tasked with providing recommendations for “a comprehensive legal framework to support blockchain technology that considers potential applications and boundaries of the technology and protections for consumers,” the state announced at the time. Shapeshift CEO Erik Voorhees was among the blockchain industry leaders appointed for the council.
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