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Cryptoassets & Blockchain Legal News

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United States

Are ICOs Securities? Arizona law to provide a definition

February 13, 2018 by Ashley MAO

Two bills focused on blockchain technology have been introduced by Arizona state representative Jeff Weninger, including one aimed to initiate a legal framework for the in-state conducted ICOs.

According to the bills, new terms such as “blockchain,” “virtual coin,” and “virtual coin offering” would be included in the Arizona government’s definitions’ list. The bill then continues to define the aforementioned terms, with the “virtual coin,” for example, defined as “a digital representation of value that can be digitally traded and that functions as a medium of exchange, a unit of account and store of value.”

The second measure is an amendment of the Arizona Revised Statutes to include blockchain written and stored data.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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