The Colorado Office of Economic Development and International Trade (OEDIT) hosted the first meeting of the working group. The working group is responsible for legislation authorizing the creation of a dedicated banking institution in the state. The Colorado Special Banks Working Group, convened by OEDIT, will continue the work of the Colorado Blockchain Committee. The proposed encryption banking bill in Colorado is supported by legislators. State senator Jack Tate, who supports the program, said, "We will continue to support the development of the blockchain industry in Colorado and look for practical blockchain applications for guaranteed funding in government."