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

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, 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.

Wyoming passed a bill, HB 126, dubbed "the series LLC bill", which amends the Wyoming Business Corporations Act and authorizes limited liability companies to establish series of members, managers, transferable interests or assets as specified; specifying powers; providing for limitations on liabilities; providing for management, termination and dissolution; authorizing distributions to members; imposing a requirement on foreign limited liability companies that establish series; requiring rulemaking.

Wyoming passed a bill, HB 101, dubbed "the blockchain record bill", relating to the Wyoming Business Corporations Act, authorizing corporations to use electronic networks or databases for the creation or maintenance of corporate records, authorizing the use of a data address to identify a corporation's shareholder, authorizing corporations to accept shareholder votes if signed by a network signature that corresponds to a data address, specifying requirements for use of electronic networks or databases.