Bitcoin Global News (BGN)
February 20, 2019 -- ADVFN Crypto NewsWire -- Will Wyoming
become the first crypto state in the United States? After the
announcement last week that the Wyoming House of Representatives
had passed three bills aiming to clarify crypto’s legal status,
CoinDesk released a piece today, elaborating on the events as they
have unfolded.
What is perhaps most interesting
about the efforts of Wyoming lawmakers to support crypto and
crypto-related businesses in the state is what may result from all
of this on July 1st. To elaborate, just like when Malta decided to
legalize cryptocurrencies with the passing of the Virtual Financial
Assets Act, Wyoming is aiming to clearly define their legal status
by this summer with a series of bills.
According to CoinDesk, if the most
recent bill is officially signed as well as approved by Wyoming’s
governor, then it will become law on July 1st. This is particularly
noteworthy because SF0125, which is the bill in question,
classifies all digital assets as property, which means that they
will be able to be taxed as such.
Whether or not this attracts a wide
range of crypto businesses to Wyoming in the near future is, as of
yet, unclear. Classifying crypto as property is not exactly the
best solution for crypto investors as it reportedly means that in
SF015’s case, they will not really be treated as money. What the
bill does make clear, however, is that all digital assets will be
governed by something called the Uniform Commercial
Code.
What this exactly means is
something that should be clarified by a legal expert. In a general
sense however, based on the facts, it indicates that they will be
governed in the same way as just about all financial instruments,
including securities. If this leaves you confused, rest assured
that it is natural to feel that way at this point.
How can crypto not be money and
yet, simultaneously, be treated in the same fashion as most
existing financial instruments? Likely, the answer lies in the
uncertainty surrounding the opinions of national regulators on the
subject. Until the SEC, the CFTC, and even the IRS further clarify
their stances on crypto, it is reasonable to assume that matters
will continue to be murky in a legal sense.
By: BGN Editorial Staff