The State Of Wyoming Introduces a Bill to Provide Clarity on Crypto-Classifications

IOT News

The-State-Of-Wyoming-Introduces-a-Bill-to-Provide-Clarity-on-Crypto-Classifications The State Of Wyoming Introduces a Bill to Provide Clarity on Crypto-ClassificationsThe state of Wyoming, in the US, recently on Friday, Jan. 18th 2019, introduced a bill in the state legislature to provide clarity on crypto classifications.

The bill, sponsored by Senator Nethercott, and co-sponsored by Senator (s) Driskill, Perkins and Rothfuss and Representative(s) Harshman, Lindholm, Loucks, Olsen, and Wilson, demarcates crypto assets into three classifications, namely: digital consumer assets, digital securities, and virtual currencies. Further, the introduced bill brings all assets falling under these three categories under the purview of intangible personal property and treats virtual currencies same as a fiat currency.

With this proposed bill, now banks will have the authority to provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner, allowing them to be SEC (US Securities and Exchanges Commission) qualified custodians.

Recently the state has been in news with blockchain- and crypto-related legislations. Last week, on Wednesday, Jan. 16th 2019, the state introduced a bill –HOUSE BILL NO. HB0185, sponsored by Representative Olsen, and co-sponsored by Representative(s) Brown, Hunt, Lindholm, Western, Zwonitzer, and Senator(s) Driskill, Rothfuss, allowing corporations to issue blockchain-based certified stock tokens.

Prior to that, on Tuesday, Jan. 8th 2019, the Wyoming state legislature passed two bills – HOUSE BILL NO. HB0062 & HOUSE BILL NO. HB0057, that aim to foster crypto and blockchain related regulatory environment to boost innovations in the crypto space.