🏔 Colorado senators file bill to exempt cryptos from securities laws

Senators Stephen Fenberg and Jack Tate have introduced a bill that hopes to exempt certain cryptoassets from securities laws. The Colorado Digital Token Act proposes that tokens with a "primarily consumptive" purpose be exempted from securities laws as long as they are not marketed for speculative or investment purposes. The bill defines consumptive purpose as “to provide or receive goods, services, or content, including access to goods, services, or content." In order to qualify for the exemption, the consumptive purpose of the token must be available within 180 days of the sale and initial buyers cannot transfer or sell tokens until that purpose becomes available.