Wyoming Becomes First US State to Classify Cryptocurrencies as Legal Property

  • Alex Morris
    📰 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.

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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
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