California, New York, others advance crypto regulations, reports Protocol

Wyoming passed a bill, HB 62, which established that open blockchain tokens with specified consumptive characteristics are intangible personal property and not subject to a securities exemption; providing definitions; requiring developers and sellers of open blockchain tokens to file notices of intent and fees with the secretary of state; authorizing specified enforcement actions; making specified violations unlawful trade practices; repealing provisions granting open blockchain tokens a securities exemption; specifying applicability; and providing an appropriation.

Wyoming passed a bill, HB 70, which authorizes the Secretary of State to develop and implement a blockchain-based filing system for business entity and commercial filings otherwise required by law to be filed with the Secretary of State, including business entity formations and annual reports, as well as Uniform Commercial Code financing statement.

Wyoming passed a bill, SF 125, specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; authorizing a supervision fee; making an appropriation; authorizing positions; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.

Wyoming passed a bill, HB 185, authorizing corporations to issue stock certificates in the form of electronic certificate tokens. "Certificate token" is defined as an electronic representation of a share of stock which contains certain information required under existing law for stock certificates (e.g., the name of the stock recipient and the number and type of shares) and which is entered into a blockchain or other secure, auditable database.

Wyoming passed a bill, HB 57, creating the financial technology sandbox for the testing of financial products and services in Wyoming. It also authorizes limited waivers of specified statutes and rules under certain conditions; establishes standards and procedures for sandbox applications, operations and supervision; authorizes reciprocity agreements with other regulators; requires criminal history background checks; creates an account; requires a consumer protection bond; specifies standards for the suspension and revocation of sandbox authorization; and authorizes rules and orders.

The State Senate passed Senate Bill 111, dubbed "the crypto property exemption bill", which exempts virtual currencies from state property taxation.