Wyoming’s recent passing of bills that are favorable to blockchain (and cryptocurrencies) are now beginning to be seen for their full potential. Pulled from media source Consensys, below is a summary of the specific bills and how each one pertains to the future of blockchain technology.

HB 19 provides an exemption for virtual currency (e.g., Bitcoin, Ethereum, etc.) used within Wyoming from money transmitter laws and regulations

HB 70 provides that a person who develops, sells or facilitates the exchange of an open blockchain token (a “consumer” or “utility” token) is not subject to specified securities and money transmission laws

SF 111 provides that virtual currency is not subject to taxation as “property” in Wyoming.

HB 101 provides for the maintenance of corporate records of Wyoming entities via blockchain so long as electronic keys, network signatures and digital receipts are used.

HB 126 modifies Wyoming’s corporate code to permit the formation of “Series LLCs.” The intent of this legislation is to promote Wyoming as a jurisdiction of choice for securities formation and to compete with Delaware and Nevada for corporate registration revenue.

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Have a conversation with our attorney experts on cryptocurrency to find out how you or your company might benefit from these new bills outlined above.