Wyoming’s new bill guarantees legal protection for cryptocurrency owners

The SF0125 bill, which passed the second and the third readings in the Senate of Wyoming, is now waiting for Governor Mark Gordon’s signing and is expected to enter into force next week. The new legislation provides residents of the state owning cryptocurrencies and tokens with the full legal protection of private property in relation to these assets.

The publication of the law will probably cause a large-scale wave of interest from the business.

“This means (blockchain companies) will (probably) want to apply WY law to your contracts, domicile here, (and/or) have a physical presence here,” stated Wall Street veteran and a member of the Wyoming Blockchain Coalition Caitlin Long in her Twitter.

In the US, property rights are in the exclusive jurisdiction of local parliaments, which leads to significant differences in legislation across the country, as different states often take diametrically opposed positions on the same issue.

“Have fun watching the transfer of capital away from NY (and) into WY in the coming years, (especially) as securities are increasingly issued on (blockchains.)”, Long continued in her blog, noting also that the property rights of institutional investors in the state are also better protected than in New York.