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Cryptocurrency supporters celebrate Friday after the US state of Wyoming pbaded a bill giving direct property rights to cryptocurrency holders.
Wyoming Senate Pbades Cryptographic Property Bill
Bill SF0125 pbaded its second and third readings in the Senate on February 13 and 14, respectively, and will now be subject to Governor Mark Gordon's approval, which will come into effect next week.
The legislation allows residents of Wyoming to possess cryptocurrency tokens with full legal protection, instead of only obtaining them through third-party storage.
Wyoming becomes the first US state to adopt amendments to the law allowing private ownership of cryptocurrency. As Caitlin Long, a Wall Street veteran and a member of the Wyoming Blockchain Coalition notes, the decision should embody a chain reaction of interest to consumers and businesses.
"This means that (the blockchain companies) will (probably) want to apply the WY law to your contracts, have your home here (and / or) have a physical presence here," she concluded on Twitter after the adoption of the bill by the Senate.
1 / BOOM! #Wyoming has just recognized clear and direct property rights #digital badets by pbading SF125! It means #blockchain cos will probably want to apply the WY law to your contracts, your home here, and / or your physical presence here. Thanks again to the ppl army who helped for months pic.twitter.com/I4E3GfPZbC
– Caitlin Long ? (@CaitlinLong_) February 14, 2019
Bucking the trend
In the United States, state legislators have exclusive power over property rights, creating a disparate landscape across the country, with different jurisdictions adopting radically different positions in the region.
The combination of this variation and the aggressive pursuit of securities law violations by domestic regulators has made openness in the US a daunting prospect for many cryptocurrency companies.
Comparing Wyoming to New York, Long already foresaw a change in the preference of market participants.
"Wyoming protects (the property rights and) for institutional investors who must hold indirectly, it protects (investors) much better than (New York)," she continued.
"Have fun watching the transfer of capital from NY (and) to WY in the coming years, (mostly) while the titles are more and more issued on (blockchains.)"
As Bitcoinist reports that January has already begun to see the process started long before the law changes, with Cardano announcing that he was moving in the state. In December, legislators pbaded a string TV bank bill in the face of strong opposition.
What do you think of Wyoming pbading the Cryptographic Property Bill? Let us know in the comments below!
Images courtesy of Shutterstock
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