Wyoming Passes Bill That Allows Banks to Provide Financial Services With Blockchain-based Assets

Following in the footsteps of the state of Ohio and other legal initiatives in the United States, Wyoming has decided to move toward building a crypto friendly political system, with clear regulations that stimulate this emerging industry.

According to a tweet posted by Ms. Caitlin Long, despite a strong opposition campaign carried out by important financial actors within the State, Wyoming’s legislative committee successfully passed the bill 13-1 in what would be the first step toward the development of a favorable legal system for the crypto and blockchain-related industries:

Ms. Long mentioned that the voting was almost unanimous, with only one vote against on the part of a banker. The successful businesswoman later wrote a series of 17 tweets expressing her enthusiasm for the news and explaining what the positive consequences of such a decision might be.

In one of the most eye-catching tweets, Ms. Long explains that the state of Wyoming could be the first in the United States to have a clear picture of how to legally deal with the different crypto assets. With this legal background, Wyoming could be the favorite place throughout the United States to domicile businesses relying on the use and management of cryptos and other digital assets.

Although the blockchain-friendly bank bill is an essential step in Wyoming’s economic development, Ms. Long explains that the efforts are not over. This action could create a precedent for more measures to regulate a broader range of issues.

One example could be that of Bill H.B. No. 0070 β€œOpen blockchain tokens exemptions.” According to this bill certain cryptocurrencies are excluded from state money transmission laws:

β€œAN ACT relating to securities; providing that a person who develops, sells or facilitates the exchange of an open blockchain token is not subject to specified securities and money transmission laws; providing specified verification authority to the secretary of state and banking commissioner; making conforming amendments; and providing for an effective date.”

Despite the optimistic outlook, there are still some bureaucratic procedures to achieve the “dream” of seeing the first Blockchain Friendly State in America, however, with this effort, Wyoming definitely has earned an advantage in this slow but transcendental race.

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