As of Thursday, the Wyoming Senate successfully passed the SF125 bill. Also known as the Digital Assets bill, this recently passed law grants cryptocurrency holders property rights for direct cryptocurrency ownership. Wyoming has become the very first state in the US to pass a clear regulatory framework for Bitcoin, Ethereum, EOS, Litecoin, XRP, and other alternative coins, paving the way for cryptocurrency investors, entrepreneurs, and crypto-related business to grow in the state.
This recently passed bill will allow people to hold cryptocurrency without the need for an intermediary to own digital assets and clears the way for any bank to offer custodial services for the cryptocurrency.
According to the United States legal procedure, individual states have jurisdiction over the property rights within their boundaries; hence, the legislation will differ between each state.
This means that companies will now have free reign within the state they’ve decided to start their business, depending on the regulation available to them. Although, since Wyoming seems to be the best option due to this recently passed bill in the US, blockchain and cryptocurrency companies may resettle in this state.
Co-Founder of the Wyoming Blockchain Coalition, Caitlin Long is expecting this new legislation to bring in fresh blockchain companies and talent, causing Wyoming to become the frontrunner in the industry with a clear regulatory framework designed to foster innovation and spur adoption for cryptocurrencies, blockchain-bases business, trading platforms, and crypto-custodial services.
The bill is slated to come into complete effect on July 1st, Leading to the support of advancement for tokenized securities.