Wyoming Lawmakers Introduce Bill to Clarify Classification of Digital Assets

22 Jan, 2019 02:14

Lawmakers from the U.S. state of Wyoming have introduced a new bill that seeks to clarify the classification of cryptocurrencies.

Republican Jared Olsen, Senator Chris Rothfuss (Democrat), and seven other Republican representatives have filed Senate Bill 125, titled “Digital assets-existing law.”

The bill categorizes crypto assets as digital consumer assets, digital securities, and virtual currencies and digital assets which fall under any of these three categories are classified as “intangible personal property”:

1. Digital Consumer Asset, according to the bill, is a digital asset that is used or bought primarily for “consumptive, personal or household purposes.”

2. Digital Security is a digital asset which constitutes a “contract, transaction or arrangement where a person invests money in a common enterprise and is led to expect profits…”

3. Virtual Currency is described as a digital asset that is used as a medium of exchange, unit of account or store of value; and not recognized as legal tender by the U.S. government. Virtual currencies shall be considered as “money.”

In addition, the bill also seeks to provide an opt-in framework for banks to provide custodial services for digital assets and specifies standards and procedures for custodial services.