US: Wyoming Set Precedent By Creating New Asset Class For Cryptos, Hopes to Inspire Feds

“The US state of Wyoming has now created a new class of assets in defining cryptocurrency as “Utility Tokens”, reports Forbes March 13.

As previously reported by Cointelegraph, the Wyoming state legislature passed House Bill 70 on March 6, which effectively exempts crypto from state securities regulations. The bill was signed into law by Governor Matt Mead March 8.

The new law excludes developers and sellers of tokens from state securities laws under the condition that they meet a certain number of caveats, namely that it must be used as a token for the exchange of goods and services and must not be marketed as an investment.

Co-founder of the Wyoming Blockchain Coalition Caitlin Long remarked on the important precedent set by the new law:

“The state of Wyoming is the first elected body in the world to define a utility token as a new type of asset class different from a security or commodity. This has been a hot topic in Washington D.C. recently, as the SEC considers cryptocurrencies to be securities, FinCEN says they’re generally money, and the CFTC views them as commodities. Now, however, you have a state coming out and defining utility tokens as a new form of property, and property is generally the purview of state law.”

Via Cointelegraph – read full article here:  http://ow.ly/aNXz30iWH5y

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