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Committee adopts amendment saying cryptocurrency is not a security and places bill on consent
Summary
House Bill 639, a preparatory bill addressing blockchain and digital currencies, was amended (0649s) to state that cryptocurrencies are not securities; the committee approved the amendment and placed the bill on the consent calendar as amended.
The Senate Finance Committee considered House Bill 639, described by sponsors as a pre-positioning bill to provide legal clarity for digital-currency activities in the state. The measure was amended on the floor by a straightforward change clarifying that cryptocurrency is not a security and may not be represented as such.
A senator summarized the amendment: “It simply indicates that cryptocurrency is not a security and may not be represented as such.” The committee adopted amendment 0649s by voice vote, and after further procedural handling the bill (as amended) was placed on the consent calendar for passage.
Committee members said the bill aims to prepare the state’s regulatory framework for digital-currency activity and to offer protections for participants who choose to engage in such activities. No fiscal objection was raised in the committee record to the amendment, and sponsors moved the bill forward on consent.
