Two Blockchain-Related Bills Passed In The State Of Wyoming

Two blockchain bills on tokenization and compliance were passed on February 19 in the state of Wyoming, the United States according to the official legislature website. In today’s digital currency news, we read more about the new legislation.

The bill on tokenization, House Bill 185 was first introduced a month ago on January 16 and was founded on the idea for storing certificate tokens that represent stocks on a blockchain or other secure database and the allowance of their digital transfer. The representatives Brown, Olsen, Lindholm, Western, Hunt and Zwonitzer along with Senator Driskill and Rothfuss are the ones who sponsored the bill which is set to become effective on July 1, 2019.

The blockchain-related bill, House Bill 74 that was introduced on January 8, was first explained by Wyoming Blockchain Coalition president Caitlin Long on her website, saying that the legislation will ‘’create special purpose depository institutions to serve businesses.
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’’ Further, the bill explains that blockchain businesses are unable to secure insured banking services because of their dealings with cryptocurrency.

Also, according to the President’s Long post, the bill also ‘’provides that a  special purpose depository institution would be prohibited from making loans, would be required to maintain 100% of its deposits in reserve, would provide services only to businesses and must comply with all applicable federal laws.’’

At the end of January this year, the Wyoming Senate passed a bill that was later passed by the House on February 14 which aims to allow cryptocurrencies to be recognized as money. The bill will go into effect on March 1 and will categorize digital assets in three categories: digital securities, virtual currencies, and digital consumer assets.