Establish KRS Chapter 355A and create new sections thereof to define and establish property classifications for digital assets; supplement and modify provisions of the Uniform Commercial Code, KRS Chapter 355, relating to the classification, perfection, and priority of digital assets; allow debtors located in Kentucky to file a financial statement with the Secretary of State to perfect a security interest in a digital asset; establish when a transferee takes a digital asset free of any security interest perfected by filing; for purposes of Article 9 of KRS Chapter 355, establish when digital assets are located in Kentucky; classify open blockchain tokens with certain characteristics as intangible personal property; require developers and sellers of certain open blockchain tokens to file a notice of intent with the Secretary of State, and pay a filing fee, prior to sale in this state; require the Secretary of State to promulgate forms and make the forms accessible to filers; require facilitators of certain open blockchain tokens in the resale market to comply with certain requirements; establish penalties for violation of the section; provide that the Secretary of State may make referrals to law enforcement agencies; provide that section may be cited as the Kentucky Utility Token Act; create a new section of Subtitle 2 of KRS Chapter 286 to permit certain Kentucky financial institutions to elect to provide custodial services of customer currency and digital assets in accordance with the provisions of the section; establish internal control and customer contracting requirements for providing custodial services under the section; provide that digital assets held in custody under the section are not depository liabilities or assets of the financial institution; require the commissioner of financial institutions to establish a supervision fee; create a new section of Article 1 of KRS Chapter 355 to conform; amend KRS 369.103 to include transactions involving digital assets; provide that the Secretary of State and the commissioner of financial institutions shall promulgate administrative regulations to implement the Act on or before October 1, 2022; EFFECTIVE, in part, October 1, 2022.
Sen. Brandon Smith
Total votes
1,873
all sessions
Attendance
87%
115 missed
Higher than 89% of chamber peers
With party
97%
of cast votes
Lower than 77% of chamber peers
Bipartisan score
1%
crosses aisle rarely
Near the chamber average
Sponsored
74
bills & resolutions
Near the chamber average
Committees
9
assignments
74 bills and resolutions
Sponsored bills
Total
74
Primary
74
Co-sponsor
0
This page
74
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AN ACT relating to digital assets.
In committee Jan 4, 2022
0 co-sponsors
In committee Sep 9, 2021
0 co-sponsors
Passed Sep 9, 2021
0 co-sponsors
Passed Sep 8, 2021
0 co-sponsors
Passed Mar 30, 2021
0 co-sponsors
Passed Mar 30, 2021
0 co-sponsors
Passed Mar 30, 2021
0 co-sponsors
Passed Mar 30, 2021
0 co-sponsors
Signed into law Mar 25, 2021
0 co-sponsors
Signed into law Mar 25, 2021
0 co-sponsors
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