Lawmakers in the state of Wyoming reached a major milestone on Thursday with the passage of the “Digital Assets” bill. Introduced as a bill to support the recognition of cryptocurrencies as personal property, the legislation defines crypto assets as digital consumer assets, digital securities and virtual currencies.
It passed the Wyoming Senate by a vote of 28-1, with one excused senator. It now moves to the House.
If it becomes law, cryptocurrencies such as Bitcoin, Ethereum, XRP and EOS, which can be used to buy and sell goods, or to store or send value, would be subject to some of the same laws as money.
In a bid to give legacy banks relevance, as innovators increasingly explore digital options and fintech solutions that shift payments away from fiat to a cashless and mobile-based model, the bill also opens the door for banks to provide custody services for digital assets.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”
@CaitlinLong_ and the @WyoBlockchain are urging an inevitable regulatory environment be light touch when it comes to crypto. It's a model for the broader US, almost its own state sandbox; if successful, it could influence other legislative bodies to follow. Heady stuff. #bitcoin pic.twitter.com/MDasve92lJ
— CoinSpice (@CoinSpice) February 2, 2019
Co-founder of the Wyoming Blockchain Coalition and Wall Street veteran Caitlin Long has been tracking the major progress Wyoming is making as a leader in the space.
8 FOR 8 in #Wyoming! The stock certificate token bill just passed the House 57-1, so all 8 bills are thru originating chamber & ready to cross to other chamber next week. Still a ways to go before they become law but we have nice momentum! Thx @JaredSOlsen! @lex_node @ConsenSys pic.twitter.com/b5iPp1hp2S
— Caitlin Long 🔑 (@CaitlinLong_) February 1, 2019
Last month, Wyoming lawmakers introduced a new bill that would allow corporations to issue certificate tokens instead of traditional stock certificates. The state has advanced a total of eight bills designed to support crypto users, crypto adoption and crypto innovation with a clear regulatory framework.