At the beginning of the year, 13 laws were amended following the acceptance of blockchain in Texas. Now its southern neighbour is on the same track by providing bank accounts to crypto companies. At the beginning of the month, the Blockchain Council of Colorado held their first meet with a working group responsible for legislation, authorisation and creation of such banking institutions in the state that have some kind of special purpose. The group was assisted by Economic Development and International Trade’s Office of Colorado.
The work completed by the Blockchain Council of Colorado in preceding 12 months will be continued by the working group made especially for banking purpose. The digital token act was signed by Colorado in March. This was done to make sure that Colorado has a support by the lawmakers for its crypto-banking bill.
The Commencement Of The Plan
The acceptance and regulation of crypto and crypto trading platforms around multiple states laws is positive, however, it also signifies the competitions persisting among the states. All of this in light of the US’s current doubts about crypto. The movement of lawfully accepting crypto resembles that of what took place in Wyoming. The first impression of the working group meeting showed that the proposed plan may take over Wyoming’s power, according to an attendee at the meeting.
The FreeRange CEO, Joseph Pitluck says that the roadmap prepared by the working group has taken care of the military precisions. With the provision of such features, the trust companies, as well as banks, would be able to manage digital coins more easily. In an interview with a news site, he said, that “their banking solution for crypto may astonish Wyoming”. He added, that the timeline of SPDI (the working group) is quite impressive as the entire framework will get lined up till December. The meeting was moreover inclined to draw invasion plans rather than discuss it. He compared it to a D-Day landing or something like it. The SPDI team is one of the strongest contenders for the job along with being organized.
Pitcluck added, that New Mexico is also on the race to ass the SPDI legislation as soon as possible. A Wyoming version is been drafted by the legislative council of New Mexico that is aimed to be heard in the middle of November as per Antonio Maestas, the chairperson of New Mexico Huse Commerce Committee.
In context to this situation, Eric Kintner, the co-chairperson of SPDI working group of Colorado said, that things need to fasten up with a bi-weekly schedule because then only they will get a marker down the December schedule.
Not So Speedy
The utility token law of Colorado was passed in 2 legislative sessions of 120 days each, according to Caitlin Long. She added, due to Colorado’s banking system being incumbent, it would be more difficult to complete the SPDI plan.
To this, Kitner said, that about the state bankers his approach is certainly positive. He added that the Bankers Association of Colorado is continuously attending the council meetings on the blockchain. Their attitude towards the proposed plan is not at all negative, however some concerns that do have which will be addressed soon.
Apart from this many economic and cultural factors back this plan and may oppose it as per situations. Wyoming is a small state if compared to Colorado and also the taxes are less to be collected. There are some more factors which enabled Wyoming to have a comparatively lesser complex approach. All Wyoming might be thinking of is to increase their span of revenue and crypto being a nice option for cottage industry helped them to set a shop over there, according to Kintner. The workability of such a mindset is questionable, although Kintner does not understand this process as per which only one state is benefitted, he added.
For the futuristic approach, Kintner added, that a joint initiative must take place for hearings at the federal level between Wyoming, Arizona and New Mexico.