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.
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.
Caitlin Tweeted:
“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).
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Crypto News: , Crypto Market Eyes Bull Shift The cryptocurrency market is experiencing a rough…
A Massive Unraveled In a stunning blow to the crypto underworld, a 23-year-old man from…
Africa Envisions a Future with While the Western world often fixates on cryptocurrencies, NFTs, and…
What Did the Say About Crypto?In a recent appearance on the popular financial show 'Making…
Tokenization goes mainstream: Inside Blockchain technology has long battled a tough reputation, often viewed as…
Why some are ditching for In the fast-evolving world of technology and finance, are making…