• Sun, 17 Feb 2019, 03:45 PM
  • All times are UTC
  • Edition:
    International
Link copied

Wyoming lawmakers introduce bill to clarify classification of digital assets

Mon, 21 Jan 2019, 04:36 am UTC

Lawmakers from the U.S. state of Wyoming have introduced a new bill that seeks to clarify the classification of cryptocurrencies.

Republican Jared Olsen, Senator Chris Rothfuss (Democrat), and seven other Republican representatives have filed Senate Bill 125, titled “Digital assets-existing law.”

The bill categorizes crypto assets as digital consumer assets, digital securities and virtual currencies.

Digital consumer asset, according to the bill, is a digital asset that is used or bought primarily for “consumptive, personal or household purposes.” Digital security is a digital asset which constitutes a “contract, transaction or arrangement where a person invests money in a common enterprise and is led to expect profits…”

The third category, “virtual currency,” is described as a digital asset that is used as a medium of exchange, unit of account or store of value; and not recognized as legal tender by the U.S. government.

The bill states that digital assets which fall under any of these three categories are classified as “intangible personal property,” adding that virtual currencies shall be considered as “money.”

In addition, the bill also seeks to provide an opt-in framework for banks to provide custodial services for digital assets and specifies standards and procedures for custodial services.

A number of legislations have been introduced in Wyoming in the past couple of weeks focused on fostering blockchain and crypto asset ecosystem in the state. This includes House Bill 70 that seeks to authorize “the secretary of state to develop and implement a blockchain commercial filing system”; House Bill 185 that would allow corporates to issue certificate tokens in place of stock certificates using blockchain technology, a blockchain-friendly special-purpose depository bank bill, and a “Financial Technology Sandbox” bill, among others.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,631.29 (-0.20%)
  • Ethereum (ETH) $126.52 (+2.34%)
  • XRP (XRP) $0.300600 (-0.57%)
  • Litecoin (LTC) $43.30 (-1.39%)
  • EOS (EOS) $2.82 (-0.84%)
  • Bitcoin (BTC) $3,631.29 (-0.20%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft