Two new bills aimed at fostering a supportive regulatory environment for blockchain and cryptocurrency innovations have been passed by the US state of Wyoming’s legislature. Caitlin Long, the president of the Wyoming Blockchain Coalition, informed about the developments in her recent tweets (posted on 10 and 11 January).
Till now, only the reports regarding the House Bill 62 have been unveiled. Wyoming’s state legislature’s page was updated stating that the bill was passed 8-1. Moreover, the bill has been placed on the general file. However, the status of the House Bill 57 has not been updated yet. It is important to note that in a recent tweet, Long claimed that House Bill 57 had been passed with no opposition.
The House Bill 62 has been named as the Wyoming Utility Token Act-property amendments. The bill classified the open blockchain tokens as intangible personal property. It means that these tokens are not required to take exemption from federal securities law. The bill states that open blockchain tokens cannot be considered as securities. The person who buys these tokens cannot get a cash payment or share in profits from the business, rather he/she will only get services.
The second bill, House Bill 57 is termed as the Financial Technology Sandbox. A sandbox is a flexible testing environment, providing immunity from particular rules and laws that hinder the innovation. It would ultimately give rise to a blockchain friendly business environment and help the new financial service firms.
This is not the first time the Wyoming State has taken positive steps regarding blockchain technology. In early 2018, the House of Representatives and Wyoming Senate passed a bill (House Bill 70) in order to relax regulations for particular tokens offered through the ICOs. Moreover, in March 2018, the Wyoming Money Transmitter Act was approved by the Wyoming state legislature, which exempted virtual currencies from state property taxation.
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