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Despite strong opposition from the banking industry, the Wyoming Legislature has almost passed a blockchain banking bill, which further demonstrates the state's welcome to blockchain technology.
source: Smartereum
Passed the bill by 13 to 1 vote
Wyoming is known for supporting blockchain technology. The state legislature passed a bill that allowed banks to provide financial services on blockchain-based assets with 13 votes in favor and 1 against.
The news was affirmed by Caitlin Long, a legal expert who worked for the Morgan Stanley Blockchain Working Group. She said on Twitter:
The Wyoming Legislative Council passed the blockchain banking bill by 13 to 1 despite the strong opposition of the banking industry. Congratulations and thank all of our supporters!
https://twitter.com/CaitlinLong_
Members of Parliament met at a dedicated “blockchain task force” committee to discuss a number of different bills, including banking technology and stock revisions, financial technology sandboxes and special-purpose deposit banks. The working draft for the Special Purpose Deposit Bank is 19LSO-0055, which outlines some of the challenges faced by the blockchain “innovators”:
The rapid innovation of blockchain technology, including the use of virtual currency and digital assets, has led many blockchain innovators to fail to secure banking services, which has hindered the development of blockchain services and products in the marketplace.
Under the new law, a new type of financial institution called a “special-purpose deposit bank,” will be created that will be designated as a blockchain innovator to provide valuable banking services:
Authorized in Wyoming, a special-purpose deposit bank will provide blockchain innovators with the necessary and valuable services to strengthen Wyoming's partnership with the technology and financial industries and securely develop the state's financial sector.
a bigger vision
The bank bill that is good for the blockchain is definitely good news for the whole industry. Long also believes that this increases the possibility of more legislation passing such bills. She said on Twitter:
In addition to enacting five blockchain friendship bills in 2018, there are six bills that are expected to pass the law because they are now a “committee bill”.
One of the bills mentioned by Long is the Utility Warrants Act passed on March 7, which essentially classifies tokens into a new asset class.
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Original: https: //bitcoinist.com/wyoming-passes-blockchain-bank-bill-despite-industry-opposition/
Author: GEORGI GEORGIEV