The regulatory situation in the United States is easily one of the most confusing issues facing cryptocurrency in the economy. There are three different entities in the federal government that already categorize it differently, based on the use of the asset, how it is purchased, or even the way that the platform supports it.
There are also local state laws to consider, though Wyoming made a clear-cut decision today – Cryptocurrency and other digital assets will be considered property.
The Senate File, according to the local publication Wyoming Tribune Eagle, was approved at a 28-1 vote yesterday. From this point, it will be sent to the House to further debate the topic. The bill was originally sponsored by Republican Senator Tara Nethercott, which said that cryptocurrency and “virtual assets” would be subjected to property rights under commercial law. As such, the classification makes it possible for banks to hold the assets in trusts for their customers.
At the moment, there’s a lack of legal clarity regarding cryptocurrency at the state level, though the most vocal state for regulatory measures has been New York. Still, with the changes in Wyoming now, businesses like Fidelity, Coinbase, and Bakkt will be ale to legally operate within the state, which is great news for local investors.
This also signifies a victory for Caitlin Long, one of the major representatives of the Wyoming Blockchain Coalition, who has aggressively campaigned for such changes to take place. Long believes that big players like Fidelity Investments could ultimately offer 401k services to their customers with the use of digital assets.
Celebrating on Twitter, Long posted, “ANOTHER big day in #Wyoming as 3 #blockchain bills had impt advancements. 6 of 8 bills have now passed chamber of origin & are crossing to other chamber + House passed #UW blockchain certificate program! Kudos @TaraNethercott (Senate chair today) @Tyler_Lindholm @SenatorDriskill”
The bill to categorize cryptocurrencies is one of eight separate bills, which will ultimately make Wyoming the American hub for blockchain tech and cryptocurrency, if all are passed. Long is hopeful that the attention on blockchain will bring in more of these companies to their state, stimulating the economy. So far, eight blockchain companies have expressed interest in coming to Wyoming for business.
Other states presently working to become a US crypto hub include Nevada and Arizona, though Wyoming has been the first to pass a bill of this nature.