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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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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