Topic: Wyoming Senate passes bill recognizing Bitcoin and other crypto as money - page 2. (Read 209 times)

Wyoming is the most boring of all states. I'm glad they will adopt crypto.


Wow,this is a pretty weird theory.What if you deposit fiat money in a bank that is involved into money laundering?Does that make you a money laundere as well?
We can't fight with the stupidity of all government clerks.

This is actually very good news, because a lot of merchants were hesitant to accept Crypto currency as payment, because the majority of the states in the US has regarded the technology as a commodity and not a currency. 

We saw how this same decision has made Japan one of the most successful Crypto currency nations out there and I think this will draw a lot of innovation and new jobs and tourism to Wyoming now. 

Isn't Wyoming filed with dodgy (yet legal) LLCs and other stuff by people that just want to basically avoid taxes. I wonder if it's related that Wyoming does this of all States. Anyway I haven't read the small details.

What we really need to know is how a government deals with bitcoin in terms of fungibility. For instance, you make a deposit on an exchange and some of the utxo's have on its history something related to criminal activity.. then it enters the exchange and gets mixed with everyone's else coins... so does everyone that ends up with some of these coins on their transaction history marked as a drug dealer or whatnot? We need laws that make this clear. It would be insane if that was the case since fungibility wouldn't be respected.

Will this set a precedence for other States as well to recognized bitcoin and the rest of the crypto?

We need more friendly and supportive legislature and I'm sure this is a welcoming news for those who lived in Wyoming. 28-1? Who's the lone anti-crypto? Lol. So let's see how it goes, we might not feel the effects, but in the long run I hope that other States will follow as well.

"The bill also recognizes digital assets as legal property and authorizes banks to supervise and hold them in custody in trust funds."

I'm not sure about this though, crypto and banks?

Does anybody live is Wyoming, USA?  I wonder how this will effect other states to adopt.

https://ambcrypto.com/wyoming-senate-passes-bill-recognizing-bitcoin-btc-and-other-cryptocurrencies-as-money/


In a welcome development for Bitcoin investors and cryptocurrency enthusiasts around the world, the Senate of the U.S State of Wyoming has passed a bill that recognizes cryptocurrency as money and affords it the same status as other legal tenders. With the passage of the bill, Wyoming has reinforced its position as the foremost proponent of the cryptocurrency market and its associated blockchain technology in the United States.

The bill, which was introduced on the 18th of January in the Senate, was passed by a vote of 28-1. Not only is it notable for accepting cryptocurrency on the same lines as fiat money but, it also provides a rare legal clarity to the filed by classifying crypto assets into three namely, digital consumer assets, digital securities and virtual currencies. The bill also recognizes digital assets as legal property and authorizes banks to supervise and hold them in custody in trust funds.


The website for the State of Wyoming’s legislature has suggested that the bill is likely to go into effect from the 1st of March, even though the Bill is presently on its way to the House for debate. Banks will have 60 days following 1 March to provide custodial services for such crypto-assets, according to the bill.

The passage of the bill is another step towards realizing Wyoming 1st District’s Senator Ogden Driskill’s goal to make Wyoming the “Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.” Over and above, the two bills related to blockchain the Wyoming Senate have already passed.

The development is also good news for financial services such as Coinbase, Fidelity and Bakkt that are now free to operate in the state without the risk of incurring any legal cost. Coinbase had in fact, only recently re-started its operations in the State after a brief hiatus owing to the lack of legal clarity jeopardizing their operations.