BlockChain a Big Winner in Wyoming’s 2023 Legislative Session
The Wyoming legislature approved four bills relating to blockchain technology this legislative session. The state continues to support the nascent technology even through recent turmoil in the cryptocurrency market and the SEC’s regulatory turf grab.
Below is a summary of each bill and current status.
- SF0075 Decentralized autonomous organizations-amendments. Decentralized autonomous organizations (“DAOs”)are limited liability companies that are managed by computer algorithms that execute smart contracts. Existing law requires a DAO’s articles of incorporation to include a publicly available identifier, which was previously undefined. The bill defines a “publicly available identifier” as a publicly available address that identifies a smart contract. This identfier must be updated if changed. (Chapter 108; Enacted February 27, 2023; Effective July 1, 2023)
- SF0076 – Wyoming digital asset registration act. This bill allows residents or entities incorporated or organized in Wyoming to register digital assets with the Secretary of the State. Registered digital assets are considered to be located in Wyoming for purposes of state and non-conflicting federal laws. (Chapter 174; Enacted March 9, 2023; Effective December 1, 2023)
- HB0086 – Disclosure of private cryptographic keys. The bill prohibits anyone from demanding or compelling the disclosure of a private cryptographic key in a criminal, civil, administrative, legislative or other proceeding. This prohibition does not apply when the public key is not available or when the public key fails to provide information required for the proceeding. A private cryptographic keys is defined in part as the unique element of cryptographic data that is held by a person. (Chapter 66; Enacted February 21, 2023; Effective July 1, 2023)
- SF0127 – Wyoming Stable Token Act. The bill ceates the Wyoming Stable Token that is equal to one United States dollar, The Wyoming Stable Act Commission will be responsible for implementing the Act including acting as a liason with Federal regulators and choosing the financial institution to manage the tokens.
Leave a Reply