Wyoming Becomes First State in the World to Legally Define Crypto Tokens

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Wyoming has passed a new law called the “Legal Tender Act” that will challenge the Federal Reserve’s dominance over money. Mike Maharrey wrote for the Tenth Amendment Center, explaining that under the new Act, gold and silver specie may be identified as another option to pay off debts and taxes in the state.

In addition, Wyoming has created the Utility Token bill. This bill will legally define how certain types of crypto tokens are handled by regulatory bodies, says a Forbes reporter, Rachel Wolfson. She also states in her report that Wyoming will be the “first elected body in the world” to recognize utility tokens as a new type of asset class.

The co-founder of Wyoming Blockchain Coalition says that the passing of the bill may be a critical step to getting the US Congress to further define how cryptocurrencies should be regulated on a national level. The co-founder also believes that the bill will do well under the federal securities law.

Read the full story here

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