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Despite serious opposition from the banking industry, the state of Wyoming approved a blockchain bank account almost unanimously. The move further strengthens the welcome approach of the state to blockchain integration.
13-1 Majority to pass the bill
The state of Wyoming has a reputation for being welcoming to blockchain technology. This reputation was strengthened by a legislative committee that voted 13-1 by approving a bill that allows banks to provide financial services with blockchain-based assets.
The news was greeted by Caitlin Long, a legal expert who used to serve in Morgan Stanley's internal blockchain work group.
"The Wyoming Legislative Committee approved the 13-1 blockchain law on the heavy opposition of the banking industry, congratulations and thanks to all our supporters!" Announced on Twitter.
BREAK! #Wyoming legislative commission approved #blockchain #bank 13-1 invoice on heavy opposition from the banking sector. Congratulations and thanks to all the supporters! pic.twitter.com/nQDjALykRk
– Caitlin Long (@CaitlinLong_) November 30, 2018
The legislators met at a meeting of the "Blockchain Task Force" specialist committee and discussed a number of different bills, including banking technology and equity reviews, the financial technology sandbox and special purpose deposits banks.
This last one, under the name of a working draft 19LSO-0055, outlines some of the challenges faced by blockchain "innovators":
The rapid innovation of blockchain technology, including the growing use of virtual currency and digital assets, has led many blockchain innovators to fail to access secure and reliable banking services, hampering the development of blockchain services and products on the market.
Under the new law, there will be a new type of financial institution, called the "Special Purpose Depository Bank", which will be designated to provide valuable services to blockchain innovators:
Authorizing specialized deposit banks to be hired in Wyoming will provide a necessary and valuable service to blockchain innovators, will emphasize Wyoming's partnership with technology and the financial industry and will safely grow the financial sector in developing this state .
The biggest picture
While the blockchain-friendly banking bill is certainly good news for the sector, Long also believes that this increases the chances that more laws of this kind will become active legislation:
"In conclusion: in addition to issuing 5 blockchain-friendly invoices in 2018, another 6 invoices have a high probability of becoming bc law now they are" commission invoices "…" – tweeted Long.
One of the bills Long is talking about is the utility Token Bill, which was approved on March 7, which essentially ranks utility tokens as a new asset class.
What do you think of the Wyoming friendly legislative approach to the blockchain industry? Do not hesitate to let us know in the comments below!
Images and media courtesy of Twitter (@CaitlinLong_), Wikimedia Commons.
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