In a landmark development for blockchain advancement, Wyoming’s state legislature has cleared what is known as House Bill 70 (HB 70), which exempts various types of crypto assets from securities laws. The bill was originally passed by Wyoming’s House of Representatives last month on February 20.
It is now headed to Governor Matt Mead for signature. According to public records, it passed by a vote of 27–3, with no senators abstaining.
This final vote, which was expected to occur last week, was held up at the last minute for further discussion. Nevertheless, lawmakers completed work on legislation to exempt cryptocurrencies from state money transmission laws.
They also approved the use of blockchain-based records for corporations.Through this legislation, lawmakers hope to carve-out space for tech developers involved in the creation of what are known as “utility tokens.” The exemption would be directed at those utility tokens which are not marketed or promoted as investments and are able to be exchanged for goods and services.The first of its kind, HB 70 provides legal guidelines on how certain types of cryptographic tokens are accounted for. And in a similar development, HB 19, a Bitcoin-friendly bill, is also steadily making its way through the Wyoming legislature.
Also unanimously passed in the House, it exempts cryptocurrencies from the state’s money transmission laws.Wyoming’s History of Setting PrecedenceWyoming is a state known for its rugged individualism with the desire to achieve “first mover advantage” in key areas of legislation. It is often dubbed the “Equality State”: the first state to grant women voting rights and the first state to elect a female governor. Read more from bitcoinmagazine.com…
thumbnail courtesy of bitcoinmagazine.com