US: Wyoming Set Precedent By Creating New Asset Class For Cryptos, Hopes to Inspire Feds

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Summary

Senate Bill 111 exempts cryptocurrency from Wyoming state property taxes.Speaking to Forbes, Governor Mead mentioned the proactive measures the state has been taking to turn Wyoming into, “a big technology state” including the establishment of the ENDOW Executive Council; Economically Needed Diversity Options for Wyoming. The US state of Wyoming has now created a new class of assets in defining cryptocurrency as “Utility Tokens”, reports Forbes March 13.As previously reported by Cointelegraph, the Wyoming state legislature passed House Bill 70 on March 6, which effectively exempts crypto from state securities regulations. This has been a hot topic in Washington D.C. recently, as the SEC considers cryptocurrencies to be securities, FinCEN says they’re generally money, and the CFTC views them as commodities. House Bill 19 amended the state’s money transmission laws that had previously prevented exchanges from effectively operating within the state; Coinbase and two other exchanges actually pulled out of the state in 2015. Long added that, “I do believe the Wyoming approach will work under federal securities law and am optimistic the SEC will agree.”House Bill 70 is one of five bills that have recently been turned into law in the state of Wyoming that aim to boost crypto and Blockchain businesses in the state.

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The US state of Wyoming has now created a new class of assets in defining cryptocurrency as “Utility Tokens”, reports Forbes March 13.

As previously reported by Cointelegraph, the Wyoming state legislature passed House Bill 70 on March 6, which effectively exempts crypto from state securities regulations. The bill was signed into law by Governor Matt Mead March 8.

The new law excludes developers and sellers of tokens from state securities laws under the condition that...

Read the full article @ Coin Telegraph