2025 Regular Session - Day 20 - HB 701, Rep. Adam Bowling

good morning and thank you Mr Speaker uh the age of digital assets and blockchain technology is upon us uh in Kentucky nearly half a million uh kentuckians currently own a digital asset of some kind in the United States and worldwide there's currently over $2 trillion doll in digital assets being held House Bill 701 simply aims to modernize and move Kentucky forward with regards to digital assets and blockchain Technology by protecting monetary freedom and preventing outdated regulations from stifling Innovation and commerce uh Mr Speaker we've got a house committee sub have the uh clerk to report cler please report house committee substitute one to House Bill 701 gentleman from B thank you Mr Speaker in section one we're we're defining making definitions putting those in the statute the definitions that will govern this technology moving forward uh section two deals with an individual's right to hold digital assets and transact using digital assets section three is more technical uh dealing with blockchain protocol and how an individual technical mechanisms and how we go about governing that uh this statute also gives full authority to the attorney general to prosecute any fraud or abuse under current under current Kentucky uh consumer protection laws section four exempt certain activities within digital asset exchanges from our from uh our money laundering statute I'm sorry money transmitter statutes excuse me section five exempts businesses that provide staking as a service to any person from being deemed to be offering or selling of security Mr Speaker if there are any questions happy to answer those if not I move for I need to move adoption of house committee substitute one motion is for the adoption of house committee substitute one discussion of the committee substitute seeing none those in favor signify by voting I I those oppose nay house committee substitute one is adopted gentleman from Bell thank you Mr Speaker there any questions happy to answer those if not I move for final passage of House Bill 701 is amended by house committee substitute one