SB148 - Securities Act; an issuer or seller of digital token shall be exempt from registration requirements.

1 Co-Sponsor

Securities Act; digital tokens; exemption. Provides that an issuer or seller of a digital token, as defined in the bill, shall be exempt from the registration requirements of the Securities Act if (i) the digital token cannot be considered an investment contract, as defined in the bill; (ii) the primary purpose of the token is consumptive, as defined in the bill; (iii) the issuer or seller of the digital token did not market the digital token to the initial buyer as a financial investment; and (iv) at least one of four additional criteria are satisfied. The bill requires an issuer or seller of a digital token to file a notice of intent with the State Corporation Commission prior to qualifying for such exemption. The bill also requires the Commission to make a notice of intent form available on its website for this purpose and permits the Commission to promulgate rules as necessary to implement the provisions of the bill.