Wyoming has become not only the first state in the US but the first elected body in the world to recognize crypto tokens as a new type of asset class that isn’t a commodity or security, says Rachel Wolfson from Forbes. Recognizing the “utility tokens” as a form of property will be under the bounds of state law.

The state has created a Utility Token bill that will legally define how specific types of crypto token will be managed under regulatory bodies. Wyoming Blockchain Coalition co-founder, states that this could be the initial step for the US congress to define how cryptocurrencies should be regulated on a national level.

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At the same time, Wyoming has also passed the Legal Tender Act. Maharrey, who wrote for the Tenth Amendment Center, explained that this Act poses a challenge to the Federal Reserve’s over money as gold and silver specie may now be recognized as another exchange option to pay off debts and taxes.

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