Wyoming 'Utility Token' Bill Heads to Governor for Approval

Wyoming 'Utility Token' Bill Heads to Governor for Approval

Wyoming's state legislature has cleared a bill that creates exemptions for certain types of crypto assets from securities laws, with the measure now going to GovernorMatt Mead for final approval.

The bill passed by a vote of 27-3,public recordsshow, with no senators abstaining. The final vote on the bill was originally expected to take place last weekbut it was postponed last-minute amid further deliberations.

In that time, however, lawmakers finished work on measures to exempt cryptocurrencies from the state's money transmission laws and approve the use of blockchain-based records for corporations.

According to data from LegiScan, the ICO exemption measure moved relatively quickly through the Senate, having received committee approval in the past few days and passage via a second chamber reading on March 1.

As previously reported, lawmakers in the state want to put in place carveouts for certain parties - namely developers - involved in the creation of so-called "utility tokens." Unlike tokens that are a clear investment vehicle, the exemption would apply to those that "has not been marketed by the developer or seller as an investment" and "is exchangeable for goods and services."

The bill is the first of its kind that would legally define how certain types of cryptographic tokens are treated. Thus far, the measure seems set for complete passage, as evidenced by its unanimous passage in the Wyoming House of Representatives in February.

Another bitcoin-friendly bill is also moving steadily through the Wyoming legislature, having moved largely in tandem with the ICO bill. HB19 - which was also unanimously passed in the House - exempts cryptocurrencies from the state's money transmission laws.

Image by Caitlin Long via LinkedIn

06.03.2018 / 14:54 31
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