The US State of Wyoming legislature unanimously passed a bill that provides exemption from security regulations if they satisfy three key requirements as of July 2018. The bill states that:
Except as otherwise provided by subsection (c) of 13 this section, a developer or seller of an open blockchain token shall not be deemed the issuer of a security and shall not be subject to the provisions of W.S. 17-4-301 2 through 17-4-412 and 17-4-504 if all of the following are met:
- The token has not been marketed by the developer or seller as an investment;
- The token is exchangeable or provided for the purposes of receiving goods or services ; and
- The developer or seller of the token has not entered into a repurchase agreement of any kind or entered into any agreement, arrangement or scheme with the principal intent and effect of manipulating or attempting to manipulate the price of the token on a secondary market.
The bill, HB0070 which was sponsored by a twelve member group composed of seven representative and five senators has other cypto related bills pending, was passed unanimously on February 19TH 2018.
Wyoming Legislature’s move is in line with State level regulation drive sweeping across the United State. Arizona is currently leading the way with bills that will see cryptocurrencies accepted as legal tender for the purpose of tax payments. What still remain to be seen is the jurisdictional debate that will eventually follow when the SEC and the CTFC seek to flex their federal muscle
You can read the entire Wyoming Bill here