Wyoming Passes Crypto Property Bill
The US state Wyoming passed its second and third Senate readings on February 13 and 14 respectively, and now it will go before governor Mark Gordon for approval, becoming law as early as next week.
The legislation offers Wyoming residents to own cryptocurrency tokens with complete legal protection, without going through third-party storage.
Hence, Wyoming becomes the first US state to approve changes in the law empowering private ownership of cryptocurrency. Caitlin Long, the former Wall Street veteran and Wyoming Blockchain Coalition member notes, the decision should approve a chain reaction of interest from consumers and businesses.
“This means blockchain companies will most likely want to apply WY law to your contracts, domicile here, and/or have a physical presence here,” she tweeted following the Senate passing the Bill.
Defying The Trend
In the US, state legislators have exclusive power over property rights, leading to a patchwork landscape across the country as different jurisdictions take noticeably different stances on the area.
The combination of this difference plus the aggressive pursuing of securities laws breaches by national regulators has made opening up shop in the US a formidable prospect for many cryptocurrency businesses.
Comparing Wyoming to New York, Long was already determining a shifting of preference among market participants.
Wyoming protects property rights and for institutional investors, it protects far better than New York does. she tweeted further.
“Have fun watching the transfer of capital away from NY (and) into WY in the coming years, (especially) as securities are increasingly issued on (blockchains.)”
As reported, January already began observing the process set in motion even before changes in the law, with Cardano stating it was moving to the state. In December, lawmakers passed a blockchain bank bill in the face of heavy opposition.
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