One thing that we are all looking forward to seeing is whenever Bitcoin and cryptocurrencies finally get adopted by the mainstream. Every day we seem to be getting that little bit closer to it and today is no exception. In what could a big step towards the widespread usage and adoption of cryptocurrency, the US State of Wyoming has brought in crypto legislation in the House which looks to bring legal clarity to the still relatively unknown space.
With this legislation, the US state aims to make itself a haven for such cryptocurrency and blockchain firm by solidifying itself as a ‘forward thinking’ place which is ‘responsive’ to the needs of a growing industry. If the bill gets passed, it would be synonymous with how nations such as Malta and Estonia have realised the full potential of the space to emerge pacesetters. Speaking on the matter, Senator Ogden Driskill of Wyoming 1st District said, “the legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”
The Western US State has already expressed its keen interest in the crypto space by inviting blockchain firms to the state by passing two bills to regulate the crypto space on 12th January this year. One of the biggest cryptocurrency exchanges in the country continued its business in the state last year after a long hiatus away.
There are some key features in the new legislation which have excited many faces in the cryptocurrency business. For example, the bill offers legal status to digital currencies such as Bitcoin, recognising peer-to-peer transactions of cryptocurrencies and therefore it is being treated in the same as the fiat US dollar.
On top of all this, the bill further cements the recognition of digital assets by authorising banks to supervise such assets and even take them under custody if they need to be.
The passing of this bill offers a lot of new hope for many in the crypto and blockchain industry who have been left disappointed by the lack of clarity on the government's parts. If the bill is passed, it will form the framework for any future legislation that might be passed on the topic.
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