Great news legally for blockchain technology. "Utility Tokens" and "Exemptions" from transmission act in Wyoming

Wyoming House Unanimously Approves Two Pro-Blockchain Bills

https://bitcoinmagazine.com/articles/wyoming-house-unanimously-approves-two-pro-blockchain-bills/

The article posted above describes what lawmakers are currently doing regarding cryptocurrency and blockchain technology legislation, which is currently setting the framework for other states. Laws have been passed in other states such as Arizona regarding making tax payments in the form of cryptocurrency, but Wyoming seems to be the first one tackling some major areas that the SEC has stated needs to be addressed.

Legislature in Wyoming was looking to pass two blockchain bills (HB 70 the “utility token bill”, and HB 19 the “bitcoin bill”) before sending them to the State Senate for consideration. HB 70 defines utility tokens as neither traditional money nor securities; HB 19 exempts cryptocurrency from the 2003 Wyoming Money Transmitter Act (which was passed in the state before Bitcoin’s invention in 2008)."

Fortunately for users and advocates of cryptocurrencies both bills passed and will now be sent to the State Senate, where sources familiar with state legislature say it may be a bit more difficult to pass through there. Nonetheless, this is a win for blockchain and cryptocurrency and sets the stage with a precedent for other states to follow.

Luckily for MediaCoin, the Cryptocurrency I work for, we anticipated this and set up shop as a Utility Token a while back, so this is exactly what we were expecting to see. Expect more of the same to come through, state by state. Blockchain Technology and Cryptocurrency will be integrated with time, simply because of the advantages it presents over existing solutions.

Until next time.