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Legislative Year: 2022 Change

Bill Detail: SB22-025

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Title Security Token Offerings State Capital Financing
Status Governor Signed (06/07/2022)
Bill Subjects
  • Fiscal Policy & Taxes
  • State Government
House Sponsors S. Bird (D)
J. McCluskie (D)
Senate Sponsors C. Hansen (D)
House Committee Finance
Senate Committee Finance
Date Introduced 01/12/2022

In the capital financing context:
  • A security token is a digital, liquid contract made verifiable
and secure through the use of blockchain technology that
establishes its holder's right to a fraction of a financial asset
such as a stock, bond, or certificate of participation; and
  • A security token offering is a capital financing method in
which security tokens representing fractional interests in a
financial asset are sold to investors in lieu of selling the
actual financial asset to investors.
Section 2 of the bill requires the state treasurer to study the feasibility of
using security token offerings for state capital financing and determine
the extent to which the use of security token offerings of state capital
financing would be in the best interest of the state. The state treasurer is
required to complete the study and report the study findings to the finance
committees and joint budget committee of the general assembly by March
1, 2023, and to post the study findings on the department of the treasury's
website. If the state treasurer determines that the use of security token
offerings for state capital financing is feasible and in the best interest of
the state, the state treasurer may use security token offerings for any state
capital financing managed by the state treasurer.
Section 1 amends the definition of financial obligation used in
the statute that governs state capital financing managed by the state
treasurer to include security token offerings and requires the state public
financing policy to include criteria for the issuance or incurrence of any
authorized security token offering.
Section 3 broadens the definition of eligible state facility used
for purposes of identifying the types of state-owned assets that may be
used as collateral for state capital financing used to finance capital
construction and transportation projects.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/03/2022) (most recent)  
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