Connecticut Seal

General Assembly

File No. 553

    February Session, 2018

Substitute Senate Bill No. 513

Senate, April 17, 2018

The Committee on Judiciary reported through SEN. DOYLE of the 9th Dist. and SEN. KISSEL of the 7th Dist., Chairpersons of the Committee on the part of the Senate, that the substitute bill ought to pass.

AN ACT CONCERNING THE STUDY OF DIGITAL CURRENCY, BLOCKCHAIN AND SMART CONTRACTS TO PROMOTE ECONOMIC GROWTH AND DEVELOPMENT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (Effective from passage) The Attorney General or the Attorney General's designee, in consultation with the Banking Commissioner or the commissioner's designee, and the dean of The University of Connecticut School of Law or the dean's designee, shall study the use and regulation of digital currency in the state. Such study shall include an examination of (1) the current application of state statutes and regulations to digital currency and whether any further regulation of the use and regulation of digital currency is desirable in the state, (2) economic growth and development opportunities presented by new digital currency, blockchain and smart contract technologies through the establishment of digital currency limited liability companies, particularly those that operate their own networks, (3) the potential use and adoption of new policies by state and municipal governments to adopt and integrate digital currency, blockchain and smart contract technologies, and (4) revisions to state statutes and regulations that will help promote innovation and economic growth through the use and adoption of digital currency, blockchain and smart contract technologies. On or before January 1, 2019, the Attorney General or the Attorney General's designee, shall report on the results of such study, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committees of the General Assembly having cognizance of matters relating to the judiciary and banking.

This act shall take effect as follows and shall amend the following sections:

Section 1

from passage

New section

Statement of Legislative Commissioners:

"Commissioner of Banking" was changed to "Banking Commissioner" for accuracy.

JUD

Joint Favorable Subst. -LCO

 

The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.


OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The bill, which requires the Attorney General to study digital currency, blockchain, and smart contracts in consultation with the Banking Commissioner and the dean of the University of Connecticut School of Law, has no fiscal impact. The named participants have sufficient expertise in the area to complete the study.

The Out Years

State Impact: None

Municipal Impact: None

OLR Bill Analysis

sSB 513

AN ACT CONCERNING THE STUDY OF DIGITAL CURRENCY, BLOCKCHAIN AND SMART CONTRACTS TO PROMOTE ECONOMIC GROWTH AND DEVELOPMENT.

SUMMARY

The Office of Legislative Research does not analyze Special Acts.

COMMITTEE ACTION

Judiciary Committee

Joint Favorable

Yea

38

Nay

0

(04/02/2018)

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