Wyoming Blockchain Initiatives

The following is from the Wyoming Blockchain Coalition reception in Cheyenne, Wy 2/12/18

There are four initiatives that are supported by the Wyoming Blockchain Coalition. Each of the initiatives on their own are intelligent ways in which the State can improve its business climate, but when viewed as a package, provide a viable sandbox for building Blockchain developers, increased State revenues and greater efficiencies within government operations.

Initiatives :

1. Money Transmitters Act: HB0019 - Our first initiative is to exempt cryptocurrencies from the Money Transmitters Act. Alone, this legislation will allow Cryptocurrencies to operate in Wyoming, adding a vital new industry to the State's financial sector. In combination with the rest of our initiatives, it will foster cryptocurrency developers in Wyoming as well.

2. Electronic records: HB0101 - The goal of this legislation is to allow the official record of ownership and the official record of change of ownership to exist on a secure, distributed ledger. Eventually this will allow the State, counties, municipalities and businesses to eliminate paper trails such as deeds, titles and receipts. This will also allow for corporate formations and UCC fillings to be registered using Blockchain technology.

3. Initial Coin Offering and UtilityToken (ICO/UT) safe harbor language: HB0070 - There is considerable confusion on a nationwide basis as to whether an ICO or UT is a security (and as such regulated by the SEC). As many of these only represent advanced sales of software, Wyoming can create language that will clear the confusion. Alone, this will set a standard for the entire nation to follow. In combination with our other initiatives, it will provide an incentive for both the developers and the investors to locate in Wyoming (providing additional revenues to the State).

4. Series LLCs: In Process - Designating series LLCs as a separate form of entity will allow Wyoming to continue to compete with Delaware as a home for entity formations. The Series LLC is a preferred form of entity for many developers in the Blockchain ecosystem.