Title: US Crypto Review: Top-5 States With Welcoming Regulations
Headings: US Crypto Review: Top-5 States With Welcoming Regulations
US Crypto Review: Top-5 States With Welcoming Regulations
Wyoming
Colorado
Specialty: Crypto businesses, agriculture (potentially)
Ohio
Specialty: Crypto businesses, taxes, real estate agents (potentially)
Texas
Specialty: Crypto mining, consumer protection
California
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Content: Wyoming
Specialty: Custody services, crypto businesses (exchanges, wallet providers, etc.) So far, Wyoming has proved to be the undisputed leader in terms of crypto-friendly areas of the U.S. Thus, the Cowboy State put itself on the crypto map in early 2018, when the Wyoming House of Representatives passed a bill defining “utility tokens,” and exempting those of them that are not marketed as an investment opportunity (and meet a number of additional requirements) from securities regulations. The move aimed to solve the long-standing dilemma in the U.S. in which different agents view cryptocurrencies differently from the juridical standpoint, as co-founder of the Wyoming Blockchain Coalition Caitlin Long, the lobbyist behind most domestic crypto bills, remarked at the time, “The state of Wyoming is the first elected body in the world to define a utility token as a new type of asset class different from a security or commodity.” A total of seven other pro-crypto bills remain active, which entail granting digital currencies the same legal status as money, authorizing banks to hold digital assets in custody, allowing corporations to tokenize their shares, and creating a regulatory fintech sandbox aimed at further diminishing any regulatory hurdles for industry startups, among other things. By authorizing banks to administer digital assets, Wyoming enables them to comply with the Securities and Exchange Commission’s (SEC) regulations for “qualified custodians.” Moreover, it could prompt those who are not so tech savvy to enter the crypto market: If they can trust their bank with their money, why not add crypto into the mix? Consequently, banks and other custodial services have a clear set of rules to follow, which could trigger a massive influx of financial institutions to Wyoming. The bill was signed by the governor in February 2019 and has been in effect since July 1.