Bill deal - A Bill backed by 12 US senators to exempt tokens from securities and money transmission laws!
Twelve Wyoming Representatives and Senators have introduced a bill backed by the Speaker of the House to exempt “blockchain tokens” from “securities and money transmission laws.”
Abstract -
A Bill backed by 12 senators to exempt tokens from securities and money transmission laws. Pretty big deal here, looks like even if it does not pass, it provides a good framework to evaluate tokens based on current case law. What more can we ask for?
Rep. Tyler Lindholm, a Republican member of the Wyoming House of Representatives, said “Wyoming is stepping up to welcome the blockchain community with open arms,” before further adding:
“We view non-securities blockchain tokens as a new asset class that is neither money nor securities, and therefore believe existing money transmitter and securities regulations should not apply.
If this bill passes, it would be the first token specific law in the world passed by any elected legislative body. Its persuasive power, therefore, in any state or federal court, within and outside of US in free lands, might be considerable because it would be the only indication by the elected on how tokens should be treated.
The Wyoming bill seems to be applying current case law in specifying tokens are not securities when they have a utility, as is well settled.
This bill, therefore, even if it doesn’t pass, has assisted this space and might put a stop to what some see as SEC’s over-reaching, but if it passes it might change the national debate, in US and more widely.
Please let me know your thoughts!
I sourced this info from:
https://www.trustnodes.com/2018/01/30/us-state-senators-introduce-bill-exempting-tokens-securities-laws?lipi=urn%3Ali%3Apage%3Ad_flagship3_feed%3BMCJ%2BUuDDRXWkE7fZOdYoNQ%3D%3D
the Bill it self can be found here:
legisweb.state.wy.us/2018/Introduced/HB0070.pdf
@liotap. This is quite interesting. More so that republicans pursue state rights over federal rights. Will be interesting to see how this plays out.
Wyoming State Senate! I keep thinking that there was a group/Lobby to push legislators to pass this. Or someone savvy enough to know that ICOs may bring their business to the state if they don't have to get a money transmitter license which is pricey & cumbersome. But of course, with a Half-Trillion USD of stake (pun intended), no surprise legislators are being lobbied.
Also, Wyoming has had a history of being corporation friendly being one of the best states to incorporate.
@liotap, Well, the wild west is addressing BC Tokens, what the rest of wall street call the wild west. There are 30 State Senators, so having 12 backing is meaningful.
Its very interesting article. I hope that’s a good thing.
I guess the politicians are finally getting it. Blockchain technology has enormous future, whether it involves bitcoin or other currencies I don’t know yet, I guess time will show.
if this could be legal it would be more interesting.
Steemit all the way.
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upvote resteem comment @gclipse
This is just the beginning. They start in smaller states to see how it goes and slowly move upward! It's the testing ground, in my opinion.