Will Wyoming become the first crypto state in the United States? After the announcement last week that the Wyoming House of Representatives had passed three bills aiming to clarify crypto’s legal status, CoinDesk released a piece today, elaborating on the events as they have unfolded.
What is perhaps most interesting about the efforts of Wyoming lawmakers to support crypto and crypto-related businesses in the state is what may result from all of this on July 1st. To elaborate, just like when Malta decided to legalize cryptocurrencies with the passing of the Virtual Financial Assets Act, Wyoming is aiming to clearly define their legal status by this summer with a series of bills.
According to CoinDesk, if the most recent bill is officially signed as well as approved by Wyoming’s governor, then it will become law on July 1st. This is particularly noteworthy because SF0125, which is the bill in question, classifies all digital assets as property, which means that they will be able to be taxed as such.
Whether or not this attracts a wide range of crypto businesses to Wyoming in the near future is, as of yet, unclear. Classifying crypto as property is not exactly the best solution for crypto investors as it reportedly means that in SF015’s case, they will not really be treated as money. What the bill does make clear, however, is that all digital assets will be governed by something called the Uniform Commercial Code.
What this exactly means is something that should be clarified by a legal expert. In a general sense however, based on the facts, it indicates that they will be governed in the same way as just about all financial instruments, including securities. If this leaves you confused, rest assured that it is natural to feel that way at this point.
How can crypto not be money and yet, simultaneously, be treated in the same fashion as most existing financial instruments? Likely, the answer lies in the uncertainty surrounding the opinions of national regulators on the subject. Until the SEC, the CFTC, and even the IRS further clarify their stances on crypto, it is reasonable to assume that matters will continue to be murky in a legal sense.
By: BGN Editorial Staff