Senate Insurance & Commerce committee approves bill limiting tracking in digital currency

The Senate Insurance & Commerce committee on Tuesday approved House Bill 17-20, a measure Rep. Robin Lundstrom said will protect consumer privacy in digital-currency transactions and align state law with federal banking regulations. "It just protects privacy," Lundstrom said while presenting the bill.

Lundstrom, a state representative, told the committee the bill covers about 18 types of digital currency and brings them into conformity with existing banking code and federal banking laws so banks can operate consistently with state rules. "They added language to help make this better," she said, adding that the banking industry reviewed the language.

Sen. Hickey asked a procedural question during the presentation but acknowledged he had been looking at the wrong bill. No committee members registered formal opposition and the committee adopted a motion to pass the bill (mover: Sen. Penzo; seconder: Sen. Ervin). The chair called for the ayes and announced the bill had passed by voice vote.

The committee did not record an extended debate on technical details of the bill during the hearing. The sponsor asked staff and code revision to modernize archaic text elsewhere in the package when needed.

With the committee vote complete, HB 17-20 will proceed to the next step in the legislative process.