Wyoming to Classify Digital Assets as Property Within Existing Laws

A new Bill introduced by a bipartisan group of state legislators would change how cryptocurrencies and digital assets are classified within the “Uniform Commercial Code” in Wyoming if passed.

The bill “SF0125,” which was submitted to the US government on Jan 18, would not only identify digital assets as “property,” it would also create a regulatory framework that will permit banks to become cryptocurrencies custodians.

Although the bill is still at its introductory stage, it has the support of both leaders of House and Senate of Wyoming, which consists of members of the two political parties in the state – the Democratic and Republican parties.

Sponsors from the House of Representatives include Steve Harshman (R.), Speaker of the House, and House Majority Whip Tyler Lindholm (R.) and others. The Senate sponsors include Drew Perkins (R.), president of the Senate, Vice President of the Senate Ogden Driskill (R.) and Senate minority leader Chris Rothfuss (D.).

Speaking to Coindesk, Caitlin Long, co-founder of the Wyoming Blockchain Coalition, noted that the bill still has a long road to go and anything can happen even though it has a lot of support right now.

Long said also stated that the Wyoming bill is a “much better license than a New York Trust license” since it is directed at banks, adding that the State has already declared the legal status of cryptocurrencies and no other state in the US has provided such clarity.

Caitlin Long believes that regulatory clarity is what will take the cryptocurrency and blockchain industry to the next level.

In December, two congressmen Warren Davidson, representing Ohio, and Darren Soto, representing Florida also took a significant step to change the 72-year old definition of securities which binds cryptocurrencies and ICOs.