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Committee sends blockchain bill to interim study after consumer and local-control concerns
Summary
HB 639, addressing blockchain and digital currencies, was amended and ultimately placed in interim study after senators raised concerns about local control, noise, grid impacts and consumer-protection gaps including fraud risks cited from other states.
The Commerce Committee considered House Bill 639, an act addressing blockchain use and disputes over digital currencies. The sponsor and proponents described the bill as business-friendly, but several senators said the measure needs more work before passage.
Senator Ricciardi urged caution, saying he could not support the bill as filed, citing examples in other states and a need to address constituent concerns about noise, impacts on the electric grid and water resources. Another senator said HB 639 generated the highest volume of constituent emails they had ever received. Senator McHugh offered an amendment (requested by the Secretary of State and Treasurer) to improve the definition of a "digital asset exchange"; supporters said that amendment strengthened the bill.
Debate also included warnings about fraud and consumer-protection gaps. Ricciardi cited a Georgia case that he said identified more than 16,000 investors and about $160 million in harmed digital assets, and urged that consumer protections be added. After discussion and an initial tied roll-call on a motion to pass, members decided to place HB 639 in interim study so the sponsor can address the issues raised and return with corrections.
The committee recorded votes on the amendment and then on the underlying motion; with the committee divided, members concluded that interim study was the most appropriate path to allow for further drafting and stakeholder input.
