Wyoming moves to embrace blockchain, bitcoin, and the crypto-currency movement

WYOMING – Wyoming Business Alliance is among several groups heralding the Legislature’s recent efforts to pave the way for bitcoin and other crypto-currencies to operate in Wyoming.

Rep. Tyler Lindholm, from District 1 in the northeast corner of the state, made a short video announcement claiming Wyoming had its first registered ICO (initial coin offering) announced today in Cheyenne—an effort made possible on the basis that legislation is being brought forward in the State Legislature.

Two pieces of legislation have opened the door for blockchain-style investment.

House Bill 70 was sponsored by Lindholm along with several other House and Senate members. The bill passed unanimously at third reading in the House on February 19. It was received for introduction in the Senate yesterday.

Simultaneously, HB 19 (Wyoming Money Transmitter Act-virtual currency exemption), which has been dubbed simply the “bitcoin bill,” passed 60-0 in the House as well.

HB 70 defines utility tokens as neither traditional money nor securities. HB 19 exempts cryptocurrency from the 2003 Wyoming Money Transmitter Act, passed in the state before the invention of Bitcoin in 2008.

Bitcoin Magazine called the passage of both bills a watershed moment for United States blockchain and cryptocurrency law.