Arizona Law Would Define When ICOs Are Securities

The number of blockchain bills before the Arizona state legislature is growing, public records show.

Arizona state representative Jeff Weninger introduced two measures focused on the tech last week, including one that would begin laying down ar regulatory framework for initial coin offerings (ICOs) conducted in the state.

Two new bills introduced by the representative include “virtual coin,” “blockchain” and “virtual coin offering” as new terms to be included in the Arizona government’s list of definitions, particularly as they relate to securities and crowdfunding.

Notably, the first bill defines “virtual coin” as “a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value.”

The bill goes on to define a “virtual coin offering” as any token sale where the token is treated as a security as defined by existing Arizona law…

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