Governments around the world are scrambling to figure out how they want to classify cryptocurrencies. Some of them are leaning toward treating them like securities, and others want to treat them like commodities. Even within the US, there is a lot of conflict. The Securities and Exchange Commission (SEC) wants them listed as securities. But, the Commodity Futures Trading Commission (CFTC) wants them listed as commodities.
The way they end up being classified will have some significant impacts on how they can be traded, tax implications, who can buy and sell them, and much more, so getting this right is critical.
The state of Wyoming, however is tired of waiting for federal governments to figure this out, especially since crypto really doesn’t fit well as either commodities or securities. With this in mind, they have passed a series of bills related to crypto, including Wyoming House Bill 70, which was signed into law last week.
This bill is the first example of a state defining cryptocurrencies as an entirely new class of asset (which is what most people involved in crypto think should happen). The bill is being labeled the ‘Utility Token Bill’ and can be read in full HERE.
The elected officials in Wyoming hope that this move on their part will help to spur on other states to follow suit, and hopefully the federal government to go down the same path. It is clear that cryptocurrency is not like any other asset, and it really should have its own class.
