Wyoming Passes Two New Blockchain Bills – Blockchain News Today


Reports have it that Wyoming one of the states in the United
States has recently passed two new bills in a bid to encourage a suitable
regulatory environment that is conducive/crucial to digital currency and
Blockchain innovation. This news of new legislation relating to the Blockchain
in the US state of Wyoming was reported
by Wyoming Blockchain Coalition’s president, Caitlin Long. It was done via social media platform Twitter,
between January 10 and 11.

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As of press time, it was the status of one of the proposed
bills namely House Bill 62 has been updated on the state of Wyoming’s
legislature page, showing that the new legislation passed 8-1 and has already been
placed on a general file for some time. As for the official status of
House Bill 57 the second bill, no update has been
given at press time. It was last updated on January 8 after which Long
tweeted today, that Bill 57 was passed
with no rifts.

Affected Tokens Will Not Need An Exemption From Federal
Securities Laws

Bill 62 is known as the “Wyoming Utility Token Act-property
amendments.” It is significant to the establishment of a new asset class,
setting “open Blockchain tokens with unique consumptive characteristics like an
intangible personal property.” This definition of House Bill 62 clearly means that the said tokens don’t need
to be exempted from federal securities
laws. Based on the report, the Wyoming Utility Token Act-property amendments
bill clarifies that:

The open Blockchain
tokens governed under this act don’t constitute securities because an
individual who has sold a consumptive open Blockchain token can’t receive any
cash payments or share of profits from a business or developer, but will
receive a fixed sum of consumable services, property or content.”

Bill 57: Designed to Facilitate An Encouraging Business
Environment for Developers

The second legislation is Bill 57 entitled “Financial
technology sandbox.” This bill is related to the formation of a fintech
regulatory “sandbox” (a supervised, flexible testing environment that offers
waivers for some statutes and rules that would’ve otherwise hampered
innovation. The establishment of this bill reportedly aims to facilitate an
encouraging business atmosphere for the developers of financial products and
services, ultimately attracting fintech talent to Wyoming.

As per a previous report from 2018, the Wyoming national assembly passed a legislation known as House Bill 70. This bill helps relax securities
regulations and the transmission of money laws for certain tokens provided via ICOs in the state.

Another house bill relating
to the exemption of crypto from the Money Transmitter Act in the state was
passed by the legislature in March 2018. Additionally, a house bill that
exempts digital assets from state property taxation was passed by the Wyoming state legislature in February 2018. More
pro-crypto and Blockchain related bills have been
passed into the law of the state of Wyoming.

Definition of Utility Tokens is Significant in Bringing
Them Under State Legislative Purview

We can recall from an earlier report that Caitlin Long
remarked the unfolding regulation of virtual currencies in the United States at
federal and state levels. According to her the definition of what utility tokens
should be as a new asset class should be seen as significant to ushering them
under the jurisdiction of state legislators, instead of national agencies like
the SEC, CFTC and FinCEN.



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