US State of Wyoming Passes Two New Blockchain, Crypto-Related Bills

The American state of Wyoming has reportedly handed two additional home payments that goal to foster a regulatory setting conducive to crypto and blockchain innovation.

The state legislature of the American state of Wyoming has reportedly handed two new home payments that goal to foster a regulatory setting conducive to cryptocurrency and blockchain innovation. The developments have been reported by the president of the Wyoming Blockchain Coalition, Caitlin Long, in two tweets posted Jan. 10 and Jan. 11.

To press time, solely the standing of one of many payments — House Bill 62 — has been up to date on Wyoming’s state legislature web page, exhibiting it handed 8-1 and has since been positioned on common file. The official standing of the second invoice — House Bill 57 — has but to be up to date, with the final replace on Jan. 8.  Long’s tweet at this time, Jan. 11, experiences that Bill 57 handed unanimously.

Entitled “Wyoming Utility Token Act-property amendments,” Bill 62 is critical in establishing  a brand new asset class, defining “open blockchain tokens with specified consumptive traits [as] intangible private property.” The definition notably signifies that mentioned tokens don’t require an exemption from federal securities legal guidelines. The invoice clarifies that:

“The open blockchain tokens ruled by this act don’t represent securities as a result of an individual who’s bought a consumptive open blockchain token can not obtain a money cost or share of earnings from a developer or enterprise, however will as an alternative obtain a hard and fast quantity of consumable providers, content material or property.”

Bill 57 is entitled “Financial expertise sandbox,” and pertains to the creation of a fintech regulatory “sandbox” — a supervised and versatile testing setting that gives waivers for sure statutes and guidelines that might in any other case hamper innovation. Its institution reportedly goals to foster a welcoming enterprise setting for the builders of recent monetary services, and thereby entice fintech expertise to the state.

As beforehand reported, in early 2018 each the Wyoming Senate and House of Representatives handed House Bill 70, which relaxed securities laws and cash transmission legal guidelines for sure tokens provided by way of an preliminary coin providing (initial coin offering) within the state.

A separate home invoice relating to the exemption of digital currencies from the Wyoming Money Transmitter Act was handed by the Wyoming state legislature final March, in addition to a home invoice exempting digital currencies from state property taxation in February. A slew of additional pro-crypto and blockchain senate and home payments have already been handed into Wyoming legislation.

Caitlin Long has beforehand remarked on the unfolding regulation of cryptocurrencies within the U.S. at each a federal and state stage. She argues that the definition of utility tokens as a brand new asset class is critical in bringing them beneath the purview of state legislators, somewhat than nationwide businesses such because the Securities and Exchange Commission (SEC), the Commodities and Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN).

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