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Committee hears multiple crypto-related bills; holds measures to refine licensing, pension options and stablecoin rules
Summary
Representative Pierce presented a group of digital-asset bills (HB 10-42, HB 12-17 and related measures) addressing optional retirement-plan access to crypto, state licensing pathways for payment stablecoins and legal clarity for custody and self-custody; the committee heard a mix of industry support and cautious neutrality from banks and credit unions and held the bills for further drafting.
Representative Pierce presented HB 10-42 to modernize state law for digital assets by clarifying optional mechanisms for defined-contribution accounts, preserving self-custody rights and preventing inconsistent local rules. He also introduced HB 12-17, a companion to the federal 'Genius' payment-stablecoin framework, to create a state licensing pathway for payment stablecoins that are fully backed 1:1 by U.S. dollars or cash-like instruments.
Industry stakeholders including Satoshi Action, CoinFlip, and local counsel testified in support of a clear regulatory pathway; they emphasized preserving consumer choice, protecting self‑custody and keeping any pension exposure optional and prudent. Financial institutions (credit unions and bankers) testified neutrally or cautiously, praising the author's engagement while noting unresolved issues such as yield/interest prohibitions, consumer protections and the need to align state rules with pending federal guidance.
On stablecoins, sponsor and witnesses reiterated that payment-stablecoin provisions in HB 12-17 are limited to fiat‑backed instruments (not algorithmic or crypto-backed versions) and that federal guidance under the Genius Act could resolve outstanding questions about permitted yield or investment of backing assets; the committee held the bills for a week to refine language and coordinate with federal developments.
Next steps: committee staff and sponsors will continue to reconcile federal guidance, the state's licensing pathway and stakeholder concerns about interest/yield prohibitions and oversight details before further action.
