Wyoming HB0070 – Open Blockchain Token Exemption Act

Wyoming exemption

Wyoming’s HB0070 Act introduces a novel legal framework for open blockchain tokens, exempting them under certain conditions from securities and money transmission laws. This summary offers an overview of the key elements of the act.

Statute Text (Condensed Version)

AN ACT relating to securities; providing exemptions for open blockchain tokens under certain conditions:

  1. Section 1: W.S. 17-4-206 Open Blockchain Token Exemption
    • (a) Exemption Criteria: Specifies that developers or sellers of open blockchain tokens shall not be deemed security issuers if they meet certain criteria, including filing a notice of intent and ensuring the token is used for consumptive purposes and not as a financial investment.
    • (b) Exchange Facilitators: Outlines conditions under which persons facilitating the exchange of tokens are not considered broker-dealers.
  2. Section 2: Amendments to Other Statutes
    • Details amendments to various sections of the Wyoming Statutes, accommodating the provisions for open blockchain tokens.
  3. Effective Date
    • Specifies the act’s immediate effectiveness upon completion of necessary procedures.

In Layman Terms

The Wyoming HB0070 Act provides a legal framework for open blockchain tokens, distinguishing them from traditional securities. It exempts certain developers and sellers from securities and money transmission laws, provided they adhere to specific requirements. This law recognizes the unique aspects of blockchain technology, offering a path for its development within a regulated yet supportive environment. This summary captures the essence of the act, designed to make the legal text more accessible to a general audience.

(Note: This is a condensed version of the statute. For the full legal text, refer to the official document.), which can be found here: HB0070.PDF.

Legal Disclaimer

The information provided in this article is for general informational purposes only and should not be construed as legal or tax advice. The content presented is not intended to be a substitute for professional legal, tax, or financial advice, nor should it be relied upon as such. Readers are encouraged to consult with their own attorney, CPA, and tax advisors to obtain specific guidance and advice tailored to their individual circumstances. No responsibility is assumed for any inaccuracies or errors in the information contained herein, and John Montague and Montague Law expressly disclaim any liability for any actions taken or not taken based on the information provided in this article.

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