Resignation of Federal Reserve Board Member from Wyoming Blockchain Bill Receives Midst of Controversy

The blockchain law in Wyoming received the middle of debate. The measure was passed into law by Governor Lamborn on July 23, 2018.

The measure is dubbed the “Blockchain Regulatory Certainty Act” and it makes it permissible for anybody to utilise blockchain technology to do business.

The Wyoming House of Representatives approved the measure and it was referred to the Senate for review. After being authorised by the House, it attracted objections from numerous organisations questioning its possible effect on privacy and security.

The Wyoming Blockchain Bill Received Midst of Controversy

Among other things, the legislation permits companies in Wyoming to freely communicate data with one other without a third party having access to such information. This implies that firms will be able to communicate data without worrying about a third party getting access to that information or sharing it with another company.

While this may seem like a wonderful thing, others claim that if this occurs then it would violate consumer privacy regulations. They further allege that there is no way to monitor who gets access to this data and how it may be utilised by others which might lead to unlawful acts such as identity theft or fraud