Colorado, Cryptocurrency and Coinsource
Colorado's elected officials have taken a progressive stance toward advancing cryptocurrency
It’s no secret cryptocurrency is entering uncharted territory in the United States. In March, the U.S. Federal Securities and Exchange Commission (SEC) sent a clear signal it intends to regulate any platform offering digital assets deemed to be securities under federal law. What’s more, the U.S. House of Representatives Financial Services Committee recently conducted a hearing examining the integrity of cryptocurrencies and ICO markets, marking the first time a group within Congress will discuss the topic of token sales.
As digital currencies inch closer to federal legislation, crypto companies across the country are beginning to turn to state regulators for more localized support. Surprisingly, they may not need to look further than Colorado, where elected officials have taken a progressive stance toward advancements in the industry.
Colorado House Representative Jared Polis has been a long-time advocate for the mainstream adoption of cryptocurrency, once stating that he would actively “protect bitcoin in the U.S. Congress.” Polis gained national media attention in 2014, when he became one of the first elected officials to accept bitcoin as a campaign donation.
In the Colorado Senate, a bipartisan bill was recently proposed that would apply blockchain — the system behind cryptocurrency — into governmental data security use. In response to the bill, Colorado Secretary of Technology and State Chief Information Officer Sumana Nallapati stated in a report by StateScoop that, “[i]n Colorado, we try to be a leader in any technology that can enable better government.”
While elected officials have been quick to recognize the potential use-cases of cryptocurrency, progress in the state is primarily thanks to local support from residents and merchants. Bitcoin, in particular, has become a cultural phenomenon in cities like Boulder and Denver, where major retailers — from restaurants to real estate agencies — have begun to implement mainstream adoption of the currency.
Notable examples include national airport parking service Top Airport Parking, which recently announced its Denver International Airport location will be the first to allow bitcoin payments. When asked why the company chose Denver for its flagship crypto program, Patrick Murray, CEO of parent company Noson, stated that the “accepting” city has a large millennial market interested in the space.
It was with this in mind that Coinsource, the world’s largest bitcoin ATM network, recently installed eight new machines in the state. The expansion has been a long time coming and shows a commitment to meet the demand for bitcoin-related services in Colorado in 2018 and beyond.
While the road ahead for cryptocurrencies may seem increasingly unclear, outspoken support at the state level from industry professionals, elected officials, the business community and local residents will surely move the proverbial needle in the right direction. Colorado is an excellent example of this: By advocating for grassroots change, local communities can showcase crypto’s unique value proposition and demand that mainstream regulators and corporations take notice. Who knows, maybe you’ll end up creating the next capital of cryptocurrency.
Sheffield is the CEO and co-founder of Coinsource, the largest bitcoin ATM network in the world. Founded in 2015, Coinsource is the fastest growing bitcoin ATM operator, with over 120 machines in eleven states, including California, Oklahoma, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, and Arizona. Before founding Coinsource, Clark started a business called Fuel Stop Media, a unique digital advertising company promoting goods and services at gas stations via high definition video, text and imagery. This company kicked off in Little Rock, Arkansas, and grew to become the largest gas pump advertising network in the state. By forging strong local partnerships and providing a compelling platform by which advertisers and brands could effectively market their products and services, he expanded into the surrounding states of Florida, Kentucky, Tennessee, and Mississippi, independently earning partnership deals with local Fox, NBC and CBS television networks. Clark graduated from University of Central Arkansas in 2009, majoring in History and double minoring in Business Administration and Psychology.