The US state of Wyoming passed a law on February 19 allowing certain Blockchain tokens to bypass the Securities Regulation 2018.
Bill HB0070 was sponsored by seven representatives and five senators from the Legislative Assembly of the State of Wyoming. The bill passed the Wyoming House of Representatives unanimously at third reading with the approval of 60 members.
The move comes as US regulators seek to suppress the illegitimate offers of cryptocurrency and Blockchain space. , emphasizing the need to monitor the market to protect investors.
According to the new bill, if chips are offered in Wyoming – or simply to state residents – via an initial offer of coins (ICO)) or otherwise, tokens will not be available. will not need to be registered as titles in the state if they conform to the following three statutes:
“(i) The token does not have the following status: was not marketed by the developer or seller as an investment
(ii) The token is exchangeable or provided for the purpose of receiving goods or services, and
(iii) The developer or the seller of the token has not entered into any repurchase agreement or entered into any agreement, arrangement or arrangement with the principal intent and effect of manipulating or attempting to manipulate the price “
HB0070 is one of two cryptocurrency related projects sponsored by the twelve-member group that it pioneers in the state’s legislative system. 19, Wyoming Senate Bill 111 seeks to exempt crypto from the state’s property tax obligations, in place since March 2014.