logo
Plus   Neg
Share
Email

Two Blockchain-related Bills Get Wyoming House's Approval

WyomingHouseBlockchain-Bill-022118-lt.jpg

Two blockchain-related bills, including Open Blockchain Tokens Exemptions Bill, were unanimously passed by the Wyoming House of Representatives, which would give cryptocurrencies some legality in the state.

Three more bills related to blockchain are being considered by the legislature to be voted on soon.

House bill or HB 70, known as the utility token bill, and HB 19, known as the bitcoin bill, were both approved in the House by a vote of 60-0. The bills need to be passed in the State Senate and signed by the state's governor to get official recognition.

Wyoming Blockchain Coalition, which aims to educate Wyoming citizens about blockchain technology, welcomed the approval, noting that the law will bring revenue and technology into the state.

Caitlin Long, a founding member of the Coalition, reportedly said, "In the past few weeks, we have learned that some of the most important companies in the blockchain sector are already Wyoming LLCs, and we're expecting many more to come if the bills pass."

With the legislation of HB70, a developer or seller of an open blockchain token will be exempted from securities and money transmission laws, if they meet certain criteria. This will mean that the token has not been marketed as an investment, but must be exchangeable or provided for 10 purposes of receiving goods or services. In addition, these people must not enter into a repurchase agreement or any agreement to manipulate or attempt to manipulate the price of the token in a secondary market.

Further, the HB 19 bill amends the 2003 Wyoming Money Transmitter Act to provide an exemption for virtual currency transactions. In 2015, virtual currency exchange Coinbase had suspended its operations in the state indefinitely after the Wyoming Division of Banking's regulatory legislation of this act made it difficult for the operation of such exchanges.

The three remaining blockchain-related bills include HB 101 -blockchain filings bill, HB 126 -series LLC bill, and Senate File or SF 111 -crypto property tax exemption bill.

SF 111, which exempts cryptocurrency assets from the state's property tax, has already been approved in the House and has been officially introduced in the Senate, and waiting for consideration.

Throughout all procedural votes to date, all these blockchain bills have received nearly unanimous support. As per reports, Governor Matt Mead also has indicated his support.

For comments and feedback contact: editorial@rttnews.com

Technology News

Follow RTT