In the US state of Wyoming, lawmakers reached a big milestone last week with the passage of all the ‘Digital Assets’ bill. The bill was brought in to support cryptocurrencies and the recognition they need as personal property, the new bill defines crypto assets as digital consumer assets, digital securities and cryptocurrencies.
The new bill passed the Wyoming Senate by a vote of 28-1, with just the one excused senator. From here, the bill will be moved to the house.
If the bill becomes law then cryptocurrencies like Ethereum, XRP, EOS and Bitcoin will be subject to some of the same laws as fiat money.
As innovators will continue to explore digital options and fintech solutions that shift payments away from fiat to a cashless based model, in a big to give legacy banks a sort of relevance, the bill will open a few doors for financial institutions in order to provide custody services for digital assets.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”
Caitlin Long is the co-founder of the Wyoming Blockchain Coalition and Wall Street veteran who has been tracking the major progress Wyoming is making as a leader in the space.
A few weeks ago, lawmakers in the state brought in a new bill which would allow corporations to issue certificate tokens rather than traditional stock certificates. As reported by the Daily Hodl, Wyoming has advanced eight bills designed to support crypto users so far leaving the adoption of crypto in a good light with a head start for 2019. According to the House Bill HB0185, “the articles of incorporation or bylaws of a corporation may specify that all or a portion of the shares of the corporation may be represented by share certificates in the form of certificate tokens.”
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