In an attempt to boost innovation within the crypto and blockchain sector, the U.S. State of Wyoming has reportedly passed two articles of legislation. The two bills are related to the aforementioned ecosystems, adding to the region’s already expansive list of in-place pro-crypto legislature.
The two bills, HB0062 and HB0057, were passed via a unanimous decision from Wyoming House representatives. President of the Wyoming Blockchain Coalition, Caitlin Long, recently tweeted how delighted she was that the bills were passed.
aaaannnddd ANOTHER ONE! #Wyoming #fintech sandbox bill passed House committee 9-0!! Way to go @Tyler_Lindholm! Thanks to the small army of people who came to Cheyenne today! Vote on #bank bill deferred to next Friday, so stay tuned for updates on that big one! @asset_trade pic.twitter.com/w8e0iJHkX8
— Caitlin Long 🔑 (@CaitlinLong_) January 11, 2019
The first of the two bills to be passed, HB0062, is entitled “Wyoming Utility Token Act – property amendment,” and is set to establish public blockchain-based tokens as their own asset class. The bill, which was approved by Wyoming’s house committee in an eight to one vote, outlines that tokens do not need an official exemption from America’s stringent securities laws:
“The open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business, but will instead receive a fixed amount of consumable services, content or property.”
The second of the two bills, HB0057 (which is yet to be updated on the official Wyoming Legislation website), is named “Financial Technology Sandbox.” This piece of legislation will be employed to provide a managed, secure testing environment for entities wishing to experiment and develop their blockchain- and crypto-based businesses. This environment will give regulatory incumbents the ability to administer waivers on specific regulations, which would otherwise hinder innovation within the aforementioned industries.
Wyoming appears to be signaling to the top fintech talent that it is forward thinking, and slated to facilitate the development of new crypto financial services, products, and platforms that will be potentially paradigm-shifting.
Impressive Track Record
The so-called “Equality State” is becoming the “envy of the nation,” according to state governor Mark Gordon, with regards to its “innovative approach to the blockchain.” Gordon cited some of Wyoming’s blockchain-based startups, including BeefChain and SheepChain, which aim to revolutionize the farming industry from the ground up.
The stated appear to be rapidly embracing blockchain, establishing themselves as a trailblazer for the adoption of the nascent technology.
Now with its impressive list of pro-crypto house bills, including the unanimously approved HB0070, many entities may be enticed to relocate their business to Wyoming.
In an interview at the Malta Blockchain Summit in 2018, IOHK CEO and co-founder, Charles Hoskinson, recently stated that the company behind Cardano is relocating to Wyoming, leaving behind its HQ in Hong Kong:
“Well actually IOHK is leaving Hong Kong. We’re moving to Wyoming next to Colorado in the United States. I live in Colorado. So we’re now a US company.”
I personally believe the actions taken by the Equality State’s representatives will act as catalysts for American adoption of crypto and blockchain tech. The recently-passed bills will set an example for other U.S. states on how they should execute their regulatory approach.
Around The World
The support of blockchain technology appears to be gaining momentum across the globe. In December 2018, Live Coin Watch reported on the seven European member states that signed a declaration, calling for the adoption and integration of Distributed Ledger Technologies to improve multiple facets of governmental services.
@MaltaGov leads 6 other EU Member States to sign a joint declaration on cooperation on #blockchain technology. Proud to see the smallest nation in the EU taking a leading role. Thank you #France #Spain #Italy #Portugal #Greece & #Cyprus for your support.@MaltainEU #ourfuture -SS pic.twitter.com/poyETgZwCw
— Silvio Schembri (@SilvioSchembri) December 4, 2018
Also, a pro-blockchain lobbying group was established late last year to help push the adoption of the revolutionary technology across the EU. The group, which consists of the company behind XRP — Ripple — NEM, EMUGRO/Cardano, and Fetch.AI, stated that their vision is to “create a unified voice for the industry at a European level.”
As recently reported by Live Coin Watch, the New York State is also looking to take a step further into the crypto and blockchain space. The New York City Economic Development Corporation, working in collaboration with VC group Future\Perfect and the Global Blockchain Business Council, has reportedly opened a “Blockchain Centre” based in the Big Apple.