In case you missed, last week the State of Wyoming introduced a cryptocurrency bill that would help alleviate the regulatory uncertainty surrounding cryptocurrencies.
Read on to find out the details…
Forbes had a good piece on the bill.
And Caitlin Long had an excellent tweetstorm on the subject.
Both are worth checking out.
The important parts of the bill is that it would recognize the different types of digital assets and provide clarity on custody.
Wyoming law would recognize three types of digital assets: digital securities which get treated like securities, digital consumer tokens, ie. utility tokens, which get treated like general intangibles, and virtual currencies (like BTC and ETH), which get treated like money.
Regarding custody, Wyoming banks would have option to OPT INTO an enhanced regulatory regime for digital asset custody. That’s big because it would meet SEC Custody Rule requirements and banks can operate in all 50 states.
If passed, this bill would go a long way to solving some of the regulatory problem in crypto… at least in the U.S.
What do you think?
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