Wyoming recently passed two revolutionary bills related to the crypto industry. It is expected that these two new documents will soon be signed by State Governor Mark Gordon.
Details
These two bills, namely the Special Depositories Bill (SPDI) (HB074) and the Corporate Securities / Token Act (HB0185), are bills that favor the development of the crypto industry in Wyoming, as they help create a clear regulatory framework for entrepreneurs and cryptoinvestors.
The first bill, the SPDI bill, helps entrepreneurs take a risk by closing their bank accounts without warning. The second bill allows corporations to issue tokenized shares instead of paper certificates.
Speaking about why these bills are revolutionary and why they are an important step forward for the entire crypto industry, Caitlin Long, co-founder of the blockchain coalition in Wyoming, recently tweeted.
Long stated that:
“A special depository institution (SPDI) is particularly important. It helps to solve the problem of the difficulty of accessing basic dollar bank accounts that very few banks offer for startups. Many stories end up with startups closing because banks close these accounts. And this is terrible. American companies that lose their bank accounts go out of business. For example, the IRS requires that withholding taxes be paid electronically through a bank account. For the success of the blockchain sector, it is important that more than just a few banks serve the industry for basic checking / payroll / cash management accounts. ”
Wyoming - trendsetter
By this step, the state of Wyoming has established itself as a trendsetter in the USA in terms of creating clear guidelines and frameworks for the blockchain industry.