HB 1503 (2022)
Exempt the exchange of open blockchain tokens from some securities laws
This bill became law.
Exempts the developer, seller, or facilitator of the exchange of an open blockchain token from some state securities laws. To be exempt the developer, seller or a person who facilitates the exchange of an open blockchain token must file with the Secretary of State.
The second part of the bill adopts the most current draft of Section 12 of the Uniform Commercial Code (UCC). Section 12 of the UCC addresses technologies such as Bitcoin, NFTs, etc.
The Senate amended the bill to add the substance of SB 438. That bill would require the use of American made steel products in all public works projects where the state administers the contract and the contract involves at least $1 million state dollars. There is a waiver process if there is a shortage or it is otherwise not in the public interest. A conference committee of representatives and senators agreed on revised language that says "strong consideration shall be given for iron or steel fabricated in the United States."
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