• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Wyoming classifies tokens
Nexo

Crypto Utility Tokens Are a New Asset Class According to the State of Wyoming

Nikita Blows by Nikita Blows
4 years ago
in News, Altcoin News, Altcoins, Blockchain, News teaser
0

As opinions differ on the actual definition of cryptocurrencies, the US state of Wyoming has gone ahead and passed a bill referring to crypto utility tokens as a new asset class.


Developing regulations seems to be at the top of the US government’s crypto to-do list, but one thing seems to be putting a spanner in the works, and that is finding a definition for the term itself.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Securities and Exchange Commission (SEC) refers to them as securities, but the Commodity Futures Trading Commission (CFTC) defines cryptocurrencies as commodities, a sentiment seemingly echoed by New York district judge Jack Weinstein.

SEC

Wyoming Provides Its Clear Definition

However, according to Forbes, the state of Wyoming has thrust itself in the spotlight by becoming the first state to clearly define virtual currencies as a new asset class.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The state has passed five bills, all of which relate to furthering cryptocurrency and blockchain technology in the state. However, it is House Bill 70 that really has everyone sitting up and taking note. The “Utility Token Bill” was passed on the 7th of March and signed into law over the weekend.

The bill excludes certain cryptocurrencies from state money transmission laws. However, the exclusion of these “developers or sellers” of tokens is subject to certain conditions. One is that the token not be offered as an investment. Another condition to be exempt from the state’s money transmission laws is that the crypto utility token in question must be used as a medium of exchange.

Wyoming

Caitlin Long, co-founder of the Wyoming Blockchain Coalition, explained a bit further, stating:

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 DC 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.

Giving Congress a Push

Long and other coalition members believe that Wyoming’s latest actions could be a catalyst for US Congress in the crypto regulation process.

Long went on to say:

This could be very positive for the cryptocurrency community if Congress can break the tie and clarify everything. It’s very exciting that Wyoming is the first state to define what a utility token is, setting an example of how this could become a standard under federal law. I do believe the Wyoming approach will work under federal securities law and am optimistic the SEC will agree.

Wyoming bison

A Blockchain Future for Wyoming

The rest of the bills that were passed give a glimpse into the future that the state is hoping to create in regards to blockchain and cryptocurrency. Wyoming Governor Matt Mead elaborated on this sentiment, saying:

Wyoming has been expanding and promoting its technology sector for seven years. Last year ENDOW- Economically Needed Diversity Options for Wyoming- was established. Its focus is to diversify our economy over a 20-year period. The ENDOW Executive Council made recommendations for legislative action this session including blockchain. Blockchain and cryptocurrency are technologies with the potential to change the way we do business. Wyoming’s technology infrastructure, the Unified Network and the Broadband Services Act are examples of Wyoming’s commitment to be on the cutting edge of technology and are part of the reason Wyoming is becoming known as a big technology state. I applaud the Wyoming Legislature, the ENDOW Executive Council and others who helped advance a number of ENDOW bills – another step in Wyoming’s leadership in this field.

Return of Money Transmitters

One of the bills could also help put exchanges back on the Wyoming map. The Wyoming Blockchain Coalition was actually created when Long realized that Wyoming was one of the three states where crypto exchanges, such as Coinbase, could not operate because of the state’s money transmitter act.

However, according to Long:

At a high level, one of the bills enable money transmitters to return to Wyoming.

cryptocurrency

Fostering a Crypto Community

The state’s government hopes that its positive stance on virtual currencies and blockchain technology will help turn Wyoming into a crypto hub.

Tyler Lindholm, Wyoming House District Representative, discussed what he hopes these new bills will achieve, saying:

At the very least, we are going to see companies paving roads and building schools in Wyoming. But I think it’s going to go a lot further than that – I think we are going to see economic development and new tech sector jobs coming into the state of Wyoming. That alone is a fantastic aspect. And, we are laying down cryptocurrency laws based on the premise that this isn’t just a onetime shot for Wyoming. We plan on staying hungry and working with industries to develop laws and regulations that will allow individuals and businesses to practice their trades to how they see fit.

Do you agree with Wyoming’s decision to define crypto utility tokens as a new asset class? Will its “Utility Token Bill” do anything to speed up regulation proceedings in the US? Let us know in the comments below!


Images courtesy of Pixabay and Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nikita Blows

Nikita Blows

Related Posts

Chainlink

Amber Group Partners With Chainlink For More Reliable Asset Transaction Pricing

2 days ago
WeWork

WeWork Founder Is Back With $70 Million Funding For Flowcarbon

2 days ago
Mastercard

Mastercard Exec Remains Optimistic On Crypto Despite Market Meltdown

2 days ago
Coinbase

Coinbase Joins The Roster Of Fortune 500 Companies

2 days ago
StepN

StepN Explodes In Popularity, Native Token GMT Soars To $860 Million Market Cap

2 days ago
Shiba Inu

Shiba Inu Dislodges FTX In Average Quantity Held, WhaleStats Report Shows

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.