Wyoming Bill Passes In State Senate, Aims To Exempt Tokens From Security Regulations

2 months ago admin2 Comments Off on Wyoming Bill Passes In State Senate, Aims To Exempt Tokens From Security Regulations

Wyoming state legislature has passed House Bill 70 yesterday, March 6, exempting certain Blockchain tokens from securities regulations and money transmission laws.

The bill, which already unanimously passed in its third reading Wyoming’s House of Representative on Feb. 19, passed in the Senate 27-3, also after its third reading yesterday.

“Open Blockchain tokens” offered through an Initial Coin Offering (ICO) or another manner can be exempted from regulation providing that the token has not been “marketed […] as an investment,” is “provided for the purposes of receiving goods or services,” and the developer or seller is not attempting to “manipulate the price of the token on a secondary market.”

On March 5, the Wyoming state legislature also passed another crypto-related bill with a majority of 28-3, House Bill 19, regarding the exemption of virtual currencies from the Wyoming Money Transmitter Act.

A different cryptocurrency related bill, Senate Bill 111, exempting virtual currencies from state property taxation also passed in the Wyoming Senate on February 16. As of March 6, this bill has passed its second reading in the House of Representatives according to data from legislative tracking service Legiscan.

cointelegraph.com