The state legislature of the American state of Wyoming has reportedly passed two new house bills that aim to foster a regulatory environment conducive to cryptocurrency and blockchain innovation.
The developments were reported by the president of the Wyoming Blockchain Coalition, Caitlin Long, in two tweets posted Jan. 10 and Jan. 11.
To press time, only the status of one of the bills - House Bill 62 - has been updated on Wyoming's state legislature page, showing it passed 8-1 and has since been placed on general file.
The official status of the second bill - House Bill 57 - has yet to be updated, with the last update on Jan. 8.
Entitled "Wyoming Utility Token Act-property amendments," Bill 62 is significant in establishing a new asset class, defining "Open blockchain tokens with specified consumptive characteristics [as] intangible personal property." The definition notably means that said tokens do not require an exemption from federal securities laws.
"The open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business, but will instead receive a fixed amount of consumable services, content or property."
Its establishment reportedly aims to foster a welcoming business environment for the developers of new financial products and services, and thereby attract fintech talent to the state.
As previously reported, in early 2018 both the Wyoming Senate and House of Representatives passed House Bill 70, which relaxed securities regulations and money transmission laws for certain tokens offered via an initial coin offering in the state.
A separate house bill regarding the exemption of virtual currencies from the Wyoming Money Transmitter Act was passed by the Wyoming state legislature last March, as well as a house bill exempting virtual currencies from state property taxation in February.
A slew of further pro-crypto and blockchain senate and house bills have already been passed into Wyoming law.
US State of Wyoming Passes Two New Blockchain, Crypto-Related Bills
Published on Jan 12, 2019
by Cointele | Published on Coinage
Experts are concerned Libra could people's privacy and security at risk
In light of the hype surrounding Facebook's new "Libra" cryptocurrency, it's important to pause and be just as critical of it as other cryptos.
'I Don't Trust Facebook With Anything:' The World Reacts to Facebook's Libra
"We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."
China's Biggest Payment Firms Have No Plans to Follow Facebook into Crypto
China's internet giants appear unlikely to follow Facebook into the cryptocurrency space anytime soon - though you can be sure they're paying attention.
Regulators Debate Cryptocurrency Legislation Ahead of G20 Summit
Cryptocurrency regulation will take a step forward during the upcoming V20 Summit where country representatives will assess the new course of legal action proposed by the international Financial Action Task Force.