The United States may still be arguing over Cryptocurrencies; however, the state of Wyoming has been welcoming to Blockchain technology and digital currencies. The main reason for the strong support is the Wyoming Blockchain coalition which has worked hard with the courts to make Blockchain technology a part of the banking culture.
A 13-1 vote by the Wyoming legislative committee has ensured that banks in the state provide financial services with Blockchain based assets. However, this has been strongly opposed by the banking industry. Caitlin Long a legal expert who has experience working with Morgan Stanley’s Blockchain group took to Twitter to express her delight at the passing of the Blockchain bill in Wyoming.
BREAKING! #Wyoming legislative committee passed #blockchain #bank bill 13-1 over heavy opposition from the banking industry. Congratulations and thanks to all out supporters! pic.twitter.com/nQDjALykRk
— Caitlin Long (@CaitlinLong_) November 30, 2018
The importance of such a bill was portrayed when Cryptocurrency enthusiast Anthony Pompliano replied by stating, ‘Keep pushing the pace. One step at a time…’
The committee discussed three important bills which included 19LSO-0045 v0.6 Banking Technology and Stock Revisions, 19SLO-0048 v0.7 Financial Technology Sandbox and 19SLO-0055 v0.8 Special Purpose Depository Banks.
The bill 19SLO-0055 v0.8 included an essential concept of a ‘Special Purpose Depositary Bank’ that will help Blockchain innovators to be allowed to use special purpose depository banks.
Caitlin elaborates in a Tweetstorm saying that this is only the beginning of the movement and that there will be a lot more bills and reforms passed next year.
“in addition to enacting 5 blockchain-friendly bills in 2018, 6 more bills have an elevated chance of becoming law bc they’re now “committee bills & more bills are coming.”
The bill received a lot of opposition from the banks, Caitlin mentions that the only person to vote against the bill was a banker and the rest in favor of it which is a very positive sign.
The push by Wyoming is significant for Blockchain and Cryptocurrency to succeed in a country like the United States where trends are usually set. So far the Securities and Exchanges Commission (SEC) has been quite strict in their approach towards Initial Coin Offerings (ICOs) and Security Token Offerings (STO).
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