Twelve Wyoming Representatives and Senators have presented a bill upheld by the Speaker of the House to exclude "blockchain tokens" from "securities and money transmission laws."
CONTACT WYOMING BLOCKCHAIN COALITION HERE: http://wyomingblockchain.io/
Rep. Tyler Lindholm, a Republican individual from the Wyoming House of Representatives, said “Wyoming is stepping up to welcome the blockchain community with open arms,” before further adding:
“We view non-securities blockchain tokens as a new asset class that is neither money nor securities, and therefore believe existing money transmitter and securities regulations should not apply."
By and large, for instance, such blockchain tokens are basically prepaid programming licenses. Trade-able gift vouchers and prepaid phone minutes are not controlled by money or securities regulations. Why should prepaid programming licenses fall into those classifications? The simple answer is it should not.
Wyoming’s consumers will be protected by its strong anti-fraud and consumer protection laws, which we believe are sufficient to deter bad actors from doing business in the state.”
The eight-page and very readable bill says: “A developer or seller of an open blockchain token shall not be deemed the issuer of a security… if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.”
If this bill passes, it would be the first token specific law in the world passed by any elected legislative body. Its persuasive power, therefore, in any state or federal court, within and outside of US in free lands, might be considerable because it would be the only indication by the elected on how tokens should be treated.
ORIGINAL POST ON MY WEBSITE: https://www.eliteblockchaincoalition.com/main-blog/2018/2/8/us-state-senators-introduce-a-huge-bill-exempting-tokens-from-securities-laws