The US state of Wyoming has now created a new class of assets in the definition of cryptocurrency March 13.
As previously reported by Cointelegraph, the state legislature of Wyoming passed Bill 70 on March 6, which effectively exempts crypto from state securities regulation. The bill was signed by Governor Matt Mead on March 8th.
The new law excludes promoters and sellers of tokens from state securities laws provided that they adhere to a number of restrictions. as a brand for the exchange of goods and services and should not be marketed as an investment.
Caitlin Long, co-founder of the Wyatt Blockchain Coalition, pointed out the important precedent set by the new law:
"The state of Wyoming is the first The world's elected body to set a utility token as a new kind of asset class different from a title or commodity. This has been a hot topic in Washington DC recently, Since the SEC considers cryptocurrencies to be securities, FinCEN says that they are usually money and that the CFTC regards them as commodities.Now, however, you have an outgoing state and defining utility tokens as a new form of property, and property is generally the jurisdiction of the state law. "
Long and other members of coalition believe that the new precedent could constitute a framework by which Washin gton will discuss the regulation of cryptocurrency in the near future. Long added, "I believe that Wyoming's approach will work under federal securities laws and I am optimistic that the SEC will agree."
Bill 70 is one of five recently passed bills. of Wyoming that are aimed at boosting crypto and blockchain businesses in the state. Bill 19 changed state laws on the transmission of money that had previously prevented trade from operating effectively in the state; Coinbase and two other exchanges actually withdrew from the state in 2015. The other three pieces of legislation, all introduced by Long, aim to make Wyoming more competitive by attracting new crypto business.
Bill 101 authorizes Wyoming companies to create Blockchains to store records and use a network to identify shareholders and accept shareholder votes.
Bill 126 allows the creation of "LLC series" favorable to decentralized protocols. establish a compartmentalized series of members / managers, interest or transferable assets and distributions to members. Governor Bill Mead mentioned the proactive steps taken by the state to make Wyoming a "big state of technology," including the creation of the FINOW executive. Advice; Economically necessary diversity options for Wyoming.