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From YouTube: House Standing Committee on Banking and Insurance
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A
It
is
the
11
o'clock
hour,
and
this
is
the
fifth
meeting
of
the
standing
committee
on
house,
banking
and
insurance.
We
do
have
a
very
tight
agenda
this
morning.
There's
several
other
committees.
Meeting
several
of
our
members
have
to
be
in
local
government,
starting
at
11
15.
A
We
do
not
have
the
bill
that
we're
going
to
consider
properly
in
front
of
us
this
morning.
That's
not
been
posted,
so
we're
going
to
hear
a
quick
15
minute
presentation
from
senator
buford
and
commissioner
vice
then
I
plan
to
recess
the
committee
later
this
afternoon
during
one
of
the
recesses
on
the
house
floor.
We
will
all
get
back
together
again
and
we'll
take
a
vote
on
the
bill
at
that
time.
So,
at
this
time,
madam
secretary,
if
you
would
please
call
the
roll.
A
A
Yeah
I
can,
I
can
see
that
they
are
here.
They
are
present.
We
can
see
them,
let's
count
them,
we
do
have
a
quorum,
but
we're
not
going
to
vote
this
morning.
C
C
Will
thanks
for
having
a
special
meeting
for
us.
This
adds
a
definition
of
what
we
call
a
virtual
currency
money
transmission
act.
This
is
something
we
do
about
every
two
or
three
years
to
update
our
state
bank
regulations
with
those
on
the
federal
level.
So
we
are
trying
to
be
sure
that
our
state
banks
are
on
equal
footing
with
other
banks
and
other
money,
transmitters
it
prov.
C
It
does
only
three
things:
it
provides
a
regulatory
oversight
of
virtual
currencies
if
used
in
money
transaction
services,
it
does
not
address
other
uses
of
virtual
currencies
just
that
one.
It
changes
a
definition
of
what
we
call
monetary
value
to
a
term
called
medium
of
exchange,
not
a
big
deal
but
periodically.
For
some
reason,
the
feds
always
want
to
change
some
words
on
us.
It
changes
the
expedition,
expiration
date
of
a
license
that
to
do
business
in
this
matter
to
december
the
31st
of
each
year.
Now,
that's
about
it.
C
These
revised
statutes
only
provide
regulatory
oversight
of
virtual
currencies.
The
kdfis
received
a
lot
of
inquiries
about
this,
because
the
your
community
bank
wants
to
update
to
meet
federal
regulations,
and
the
change
only
provides
clarity
for
the
staff
of
kdfi
to
deal
with
this.
It
kind
of
deals
with
licensing
renewal,
examination,
coordination
of
supervisory
oversight.
C
We
do
have
the
commissioner
vice
on
zoom.
I
believe.
Yes,
I
see
him
he's
he's
sitting
on
jim
gooch's
head
right
there.
So-
and
I
don't
think
mr
gooch
can
hear
us,
commissioner,.
A
Vice,
if,
if
you
can
hear
us-
and
we
can
hear
you
if
you
want
to
add
a
few
comments
this
morning,.
D
Okay,
good
well
good
morning,
everyone
I
want
to
thank
chairman
roland
and
the
members
of
the
committee
for
considering
senate
bill
134
today.
My
name
is
charles
vice
and
I'm
the
commissioner
for
the
department
of
financial
institutions
in
kentucky
senator
buford
did
senator
buford
as
a
sponsor
of
the
bill
and
provided
a
brief
update.
D
This
is
a
department
bill
that
addresses
three
technical
updates
to
the
existing
money
transmitter
statute,
which
is
krs
286
11..
First,
it
adds
a
definition
of
virtual
currency.
This
provides
regulatory
oversight
of
the
use
of
virtual
currencies.
If
they
are
used
in
money
transmission
business,
it
does
not
address
other
uses
of
virtual
currency
only
if
they're
used
in
the
transmission
or
money
transmission
business.
D
D
This
was
a
previously
previously
accomplished
three
commissioner
order
a
few
years
ago,
and
this
changed.
The
statute
is
needed
to
make
the
new
expiration
date
december
31st
the
bill.
The
bill
will
align
kentucky
statute
with
other
states
relating
to
the
use
of
virtual
currency
to
accomplish
money.