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Wyoming Lawmakers Consolidates Crypto Industry by the Passing of New Bill

The U.S. state of Wyoming has approved bill, structured to act as regulatory framework, in a quest to make the state crypto friendly and a breeding ground for potential crypto start-ups and blockchain businesses.

Last week The Wyoming House of Representatives approved bill SF0125, which recognizes digital assets as property and clears the way for banks to act as crypto custodians. The bill was passed by 54-2 in the House of Representative and a day later got 29 votes with none against in the Senate.

The bill outlines digital assets as a representation of proprietary, economic or access rights that are stored in computer readable formats, which comprises digital securities, digital consumer assets, and virtual currencies. 

As soon as the bill is signed and approved by the state Governor, Mark Gordon, it would become a law taken effect from July 1st. It is key to note that within the Uniform Commercial Code the bill will would classify digital asset as property.

The bill identifies that “Digital consumer assets are intangible personal property and shall be considered general intangibles, as defined in W.S. 34.1‑9‑102(a)(xlii), only for the purposes of article 9 of the Uniform Commercial Code, title 34.1, Wyoming statutes.”

As part of the regulatory framework, the bill outlines that banks are allowed to provide custodial services for digital assets in compliance with the internal control and accounting standards of the state.

Aside from The passing of bill SF0125, two other major bills on cryptocurrency regulation were also passed and these bills are, House Bill HB0185 and HB0074.

The bill HB0185, which was introduced last month, is meant to legalize the tokenization of securities and the other, HB0074 was designed to tackle challenges that are impeding the development of blockchain technology in the state. This is intended to solve the problem of banks offering services to potential crypto start-ups.

As of this moment, all three bills are currently awaiting signature by the state governor, pending the completion of the framework. This bold step by the state of Wyoming, a major proponent of crypto and blockchain among states of the United States of America is setting the standard for other states and can be regarded as being in the vanguard of creating a lasting foundation for the emerging crypto industry and the underlying blockchain technology in the United States.

Photo Credit: Forbes

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