0
📰 News
437 views

Wyoming Becomes First US State to Classify Cryptocurrencies as Legal Property

  • Alex Dovbnya
    📰 News

    No other state has achieved so much progress as Wyoming when it comes to cryptocurrency regulations


Wyoming Becomes First US State to Classify Cryptocurrencies as Legal Property
Contents

The Wyoming Tribune Eagle reports that Wyoming became the first US state to classify cryptocurrencies as legal property. The respective bill (Senate File 125) passed the Wyoming Senate 28-1 on Jan. 31.

👉MUST READ

Wyoming Is Ready to Establish Crypto Bank

Wyoming Is Ready to Establish Crypto Bank

Clarifying the legal status of digital assets

The bill that recognizes cryptocurrencies as legal property was introduced by Sen. Tara Nethercott who’s earned a reputation of an ardent cryptocurrency supporter. Now that it was given green light by local legislators, digital assets are recognized as ordinary money in Wyoming.

Apart from bringing legal clarity to the table, the bill also makes easier for banking institutions to hold virtual coins in trust funds. On top of that, awarding crypto owners with property rights eliminates the need for an intermediary. However, the most important thing is that Fidelity, Coinbase, Bakkt, and other businesses will be able to operate in the state without incurring legal risks.

Caitlin Long, who spearheads the Wyoming Blockchain Coalition, believes that such behemoths as Fidelity Investments now have an opportunity to provide 401k services that involve digital assets.    

Luring in crypto businesses

This is one of the eight crypto-oriented bills that are supposed to turn the state into a major Blockchain hub. Long hopes that such an emphasis on Blockchain will attract more companies to the cowboy state. They have been already contacted by eight ‘successful’ Blockchain companies.

Wyoming fights tooth and nail to become the US crypto hub along with Nevada and Arizona. Notably, Wyoming became the first to pass such a progressive bill (the lion’s share of the states fail to provide legal clarity with regard to digital assets). 

Cover image via u.today
Join our Telegram channel to get news even faster!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings