Topic: Great news legally for blockchain technology. "Utility Tokens" and "Exemptions" (Read 142 times)

We are at the beginning of big illusion like considering not considering, I too agree there are many negative and positive behind the cryptocurrencies but we cannot conclude by following the positive and negatives. Already SEC is stepping forward to control the flow of ICO, firstly their main aim is to legalize the ICO in order to protect the investors.

We constantly hear different points of view in the news. They are positive and negative for users of the cryptocurrency. But we do not see any action. The authorities are interested in preserving the existing financial system. In fact, the terms of use of cryptocurrencies are constantly tightened. I have no illusions about the legalization of cryptocurrencies.

This just adds up to Arizona and Georgia plans, it seems the States are moving towards a crypto-friendly legislation. If we add recent news from Switzerland and Germany, we can see we have a very bright horizon.

Right. I would agree with that. It not a home run... but its a start. I'd say its more like a guy who is in a hitting slump, and finally gets that first hit after striking out a bunch... It still going to be a hole to be dug out of, but at least its getting started. But yeah the SEC pisses me off. In their last public address they straight up lied when they stated "not one single ICO had applied to the SEC" when MANY ICO's have in fact applied for their Reg-D filings... but they had a soundbite to catch i suppose... I guess i should have labeled this post "Nominal news legally for blockchain technology. "Utility Tokens" and "Exemptions"

Too bad the first bill is just a dog-and-pony show. It really doesn't matter how Wyoming defines "utility tokens." The enforcement actions that matter come from the SEC, not the Wyoming Secretary of State. That's right, Wyoming doesn't even have a dedicated securities enforcement agency.

Exempting cryptocurrency from state money transmitter law is encouraging, though. If this happens in more populous states, there will be tangibly lower compliance costs for companies doing business in the US, since they won't need MSB licenses in every state.

Wyoming House Unanimously Approves Two Pro-Blockchain Bills

https://bitcoinmagazine.com/articles/wyoming-house-unanimously-approves-two-pro-blockchain-bills/

The article posted above describes what lawmakers are currently doing regarding cryptocurrency and blockchain technology legislation, which is currently setting the framework for other states. Laws have been passed in other states such as Arizona regarding making tax payments in the form of cryptocurrency, but Wyoming seems to be the first one tackling some major areas that the SEC has stated needs to be addressed.

Legislature in Wyoming was looking to pass two blockchain bills (HB 70 the “utility token bill”, and HB 19 the “bitcoin bill”) before sending them to the State Senate for consideration. HB 70 defines utility tokens as neither traditional money nor securities; HB 19 exempts cryptocurrency from the 2003 Wyoming Money Transmitter Act (which was passed in the state before Bitcoin’s invention in 2008)."

Fortunately for users and advocates of cryptocurrencies both bills passed and will now be sent to the State Senate, where sources familiar with state legislature say it may be a bit more difficult to pass through there. Nonetheless, this is a win for blockchain and cryptocurrency and sets the stage with a precedent for other states to follow.

Luckily for MediaCoin, the Cryptocurrency I work for, we anticipated this and set up shop as a Utility Token a while back, so this is exactly what we were expecting to see. Expect more of the same to come through, state by state. Blockchain Technology and Cryptocurrency will be integrated with time, simply because of the advantages it presents over existing solutions.

Until next time.