Wyoming Challenges Federal Money Reserve and Legally Defines Crypto Tokens

by admin on April 9, 2018

state-flag-of-wyomingWyoming 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.

Read the full story here

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