The state of Wyoming reportedly passed two new bills that hope to improve the regulatory environment for cryptocurrencies and blockchain innovation and in the latest blockchain news we find out more.
Currently, only the House Bill 62 is on updated Wyoming’s legislature page where it can be sent hat it passed 8-1. The second bill- House Bill 57 still needs to be updated. Bill 62 is named as the ‘’Wyoming Utility Token Act-property amendments’’ where open blockchain tokens are defined as intangible personal property. The bill clarifies:
“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.”
The Bill 57 is named as ‘’Financial Technology sandbox’’ and wants to create a regulatory ‘’sandbox’’- a flexible environment that will improve innovation. The bill hopes to be welcoming towards businesses and the new financial products and services.
In 2018, both the House of Representatives and the Senate of Wyoming passed the House Bill 70 where securities regulation and money transmission for multiple tokens are relaxed. Another house bill regarding virtual currencies from the Wyoming Money Transmitter Act was passed in March 2018.
The president of the Wyoming Blockchain Coalition, Caitlin Long, has previously argued that the definition of utility tokens as a new asset class is extremely important to be brought under the state legislators rather than the agencies such as the Securities and Exchange Commission.
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