A crypto-related bill presented in Wyoming demands for classification of digital assets within existing laws, requisitions for a framework for banks when dealing with digital assets and asks for the jurisdiction of Wyoming Courts regarding digital assets.
Wyoming is a seeing a crypto speak out from the legislators. A crypto-related bill just made into the legislator’s enclave asking for tokenization of stocks days earlier.
Sponsored by Senator Nethercott and co-sponsored by Senator(s) Driskill, Perkins, Rothfuss and Representative(s) Harshman, Lindholm, Loucks, Olsen, Wilson, this bill is a comprehensive request for clarification regarding digital assets.
The bill is divided into four parts:
1.Classification of digital assets as property
2.Perfection of security interests in digital assets
3.Digital asset custodial services
4.Jurisdiction of courts
Part 1 states that a digital asset may be treated as a financial asset provided a written agreement with the owner of the digital asset. In the case digital asset is treated as financial asset, it shall remain intangible personal property.
Part 2 deals with the bullet-proofing of security interests in the assets by only allowing a secured party or a trustee to have the exclusive authority to conduct a transaction relating to a digital asset by means of a private key or multi‑signature arrangement.
Part 3 states that a bank may serve as a qualified custodian, if only it complies with applicable federal anti‑money laundering, customer identification and beneficial ownership requirements and gets into a written agreement about the source code version for the asset with the customer. The bank will also notify the customer about any updates and clarify about any risks involved.
Part 4 gives Wyoming courts the jurisdiction to hear claims in both law and equity relating to digital assets.
The bill, if passed, will come in effect on July 1, 2019.