- The state’s legislators have submitted a bill on cryptocurrencies.
- The new legislation will bring regulatory clarity to the industry and foster mass adoption.
Wyoming legislators introduced a cryptocurrency bill that would bring the new types of assets into the legal field and provide clear guidance for both regulators and market players.
This development will support cryptocurrency mass adoption and make Wyoming the state of choice for blockchain and crypto-related business.
“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world,” Senator Ogden Driskill of the Wyoming 1st District said as cited by Forbes.
The state’s authorities have already passed to bills related to cryptocurrency regulation. The new legislation will offer digital coins a legal status and recognize peer-to-peer transactions of cryptocurrencies. Banks will receive the green light for supervising digital assets and even taking them under custody.
This bill,l if passed, will lay the ground for future legislation on the subject. Moreover, it may be regarded as the first step towards legal and regulatory clarity for the industry in the largest economy of the world. Once the USA adopts and accepts the new reality of digital money, other global regulations are likely to follow the suite.
"Wyoming is an innovative and forward-looking State that is open for business. We are excited for what the future holds and want to continue taking the lead with shaping the future of business. The time is now to provide the pathway for blockchain and cryptocurrencies, and Wyoming has the nimbleness and responsiveness to the needs of these industries to respond accordingly to the growing and adapting landscapes of cryptocurrency,» according to Senator Nethercott.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.