Wyoming Just Made Cryptocurrency Money: Passed Unprecedented Law To Inspire Others To Follow!!!!
There sure has been a lot of FUD lately. You would think that the entire cryptocurrency sector is about to go under. Everywhere you look, someone is in attack mode.
Through all the gloom and doom, an amazing thing happened. It appears that cryptocurrency has a friend in a U.S. government.
No, not the U.S government, a government in the U.S.
Wyoming is long been rumored to be trying to make itself very friendly to blockchain and cryptocurrency. Over the past couple months, there were numerous pieces of legislation that was introduced in an effort to make it easier for companies involved in blockchain to operate in Wyoming.
One major piece of legislation passed and was signed into law on March 8th.
This law exempts cryptocurrencies from state securities laws since it defines them as "utility tokens". Developers and sellers of these tokens fall under this law as long as a token is used for the exchange of goods and services and not marketed as an investment.
We are seeing a precedent set with this law.
“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 D.C. 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.”
This idea could spread rapidly. We know other states are considering measures trying to be "cryptocurrency" friendly. If they add a measure similar to this, it could really start to put some pressure on the Federal Government. As mentioned in the above quote, the Feds look at cryptocurrency differently, depending upon what department is doing the looking.
Some of Wyoming's other moves.....
House Bill 70 is one of five bills that have recently been turned into law in the state of Wyoming that aim to boost crypto and Blockchain businesses in the state. House Bill 19 amended the state’s money transmission laws that had previously prevented exchanges from effectively operating within the state; Coinbase and two other exchanges actually pulled out of the state in 2015. The remaining three pieces of legislation, all introduced by Long, aim to make Wyoming more competitive in attracting new crypto business.
House Bill 101 authorizes Wyoming corporations to create Blockchains to store records and the use of a network to identify shareholders and the acceptance of shareholder votes.
House Bill 126 allows the creation of “series LLCs” which are favorable to decentralized protocols as it enables LLCs to establish a compartmentalized series of members/managers, transferable interests or assets, and distributions to members. Senate Bill 111 exempts cryptocurrency from Wyoming state property taxes.
Does anyone find it surprising that there was little mention of this story by the mainstream media? While we know Wyoming isn't the most powerful state since it has a rather small population, the fact that a state in the U.S. is treating cryptocurrency in such a manner is a big deal. This one move cannot make the banksters happy because it does legitimize this as competion for them.
Regulation is something that is gaining a lot of attention of late. The past year saw the discussion ramp up as different entities decided to take action. Naturally, most of the decisions tended to go against this industry while favoring the establishment i.e. banksters.
Nevertheless, there is one thing to keep in mind. Regulation is done by governments, entities that do not always agree. Plus, we must factor in there are many different governments to take into account. Cryptocurrency is without borders, hence not tied to any one country. If one country is overzealous in the regulation, there are other places for the technology to move to.
Trying to clamp down in cryptocurrencies is akin to having water in one's palm and squeezing tightly in an effort to hold onto it. It has the opposite effect of what was desired. The only thing placing onerous regulation on cryptocurrency will do is drive it to another area.
Of course, this is true for all technology these days. And keep in mind, cryptocurrency is simply the first application of blockchain....there are many more coming.
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It seems like Wyoming's decision is straight out of left field, but you are right that it hasn't been talked about. It does suck, but word of mouth might get around and more business might go to Wyoming and really help the state out.
Awesome that’s great news! Someone clearly has an interest in it within that governing body. Hope it continues to spread throughout the US!! Ride the wave :)
I'm really hoping my state hops on board too. If it does, than I will be really happy and I think a lot of others will be too.
Awesome, maybe i'll retire there (-:
Mainstream media is just focused on a pornstar and who got fired this week. We can't trust them to release anything uplifting or positive. This is great news Task. 😎
I have a co-worker who keeps telling me ‘Bitcoin is falling today” every single day the cryptos fall. He’s been doing it ever since the cryptos fell from their all time highs just a while back. The FUD gets annoying.
It does. Everyone is an expert when it's falling. It was really fun to laugh at everyone that day the Dow dropped 1100 points. "Uh oh, the stock market bubble must be popping!" That shut em up for a while.
So what happens if a "token" is marketed as an investment? Because that's why most of us buy crypto, and that's how they're talked about most of the time. Yes, they can have utility and can be used for other purposes, but we like the investment potential of them, otherwise we wouldn't buy them.
Fiat currencies are not marketed as investments yet trillions are invested daily into the forex market...people who are speculating.
Just because a token is not marketed as an investment does not mean that people cannot invest in it as such.
STEEM is such...it isnt an investment but a utility currency...of course people can still buy it on speculation if one wants.
I believe that is the difference.
Makes sense. Thanks for the clarification. :)
Yeah, the mainstream media would not talk about this, because it's obvious that FUD is the only thing that they're trying to spread in order to impact cyptos negatively. Wyoming has done a great thing and hopefully we see more governments taking such actions.
Media is owned by corporations who are in bed with the banks who control the governments. The fact this passed is very good news, but the battle has just begun.
Actually if you look at the major holders in the fortune 500 corporations, the banks own a large percentage of them.
Hence the corps and the banks are really one...including those that own the media companies.
Yes, and they are afraid, very afraid and if they aren't they should be.
Solid take on the matter. I'm not surprised that mainstream media hasn't picked up on this, they love the FUD & not necessarily the progress. At the end of the day, the banksters will always be closely affiliated with media, its business. Looking forward to a precedent being set by this move.
Beatiful landscapes and blockchain, what more can you want :) ?
Warm weather?
I would take cold winters any day of the week instead of hurricanes :P
I think the delay in governments to find ways to handle cryptocurrencies is strange. To me it is obvious that since they exist and being so global and accesible they can't be wished away.
Governments are extensions of the banks...they are really just an arm for them. The banksters control the governments with money.
So trying anything to stall, delay, and eliminate is par for the course.
I know :( . But think that it ought to be "we the people" and not "we the banks". I believe that much of the problems we have today with inequal distribution of wealth is due to taking away control mechanisms for capital. And as a paradox crypto is interesting because of the lack of regulation. Still trying to get a grasp on that!