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Crypto originally exploded in the United States, though arguably began online, but is losing out to jurisdictions like Malta, Gibraltar, and other countries who have been more able to push through technology and financial friendly legislation- but the US is sporting a defense to try to keep crypto in America.
The US has lost a lot of crypto startups in particular to Switzerland, according to Forbes the flight occurred in particular after Switzerland declared ICO’s to not be securities. This in particular attracted many of the developers of cryptocurrency and blockchain out of San Francisco to the Swiss ‘Crypto Valley.’
Since that time, Switzerland has actually pulled back a little on its definition of securities, as Singular DTV CEO Zach LeBeau told Forbes the government began a ‘a more U.S.-centric approach’ which ‘slowed blockchain development there.’ This has given an opportunity for US regulators who want to bring technology companies to their state an opportunity, and accordingly a Florida lawmaker has introduced a ‘Token Taxonomy’ bill to congress which would help ICO’s be exempt from security status.
Mark Gordan, the new Wyoming Governor, in his inauguration speech (http://kgab.com/gov-mark-gordons-inauguration-speech/) delivered on January 7th directly highlighted his support of blockchain in the state, which he claimed has made it the ‘envy of the nation’
ANOTHER ONE in the books for #Wyoming, 8-1 on HB 62, which broadens #utilitytoken language enacted in 2018 & moves it out of securities chapter into its own chapter of WY law, creating a brand new class of property (digital assets). Here testifying to committee @Tyler_Lindholm pic.twitter.com/0jfckEk4VT
— Caitlin Long [Jan/3➞₿🔑∎] (@CaitlinLong_) January 10, 2019
Indeed, Wyoming passed a bill recently which presaged the integration of crypto and traditional finance, and as Gordan pointed to in his speech, Wyoming is host to BeefChain and SheepChain blockchain startups.
Read more: New bill allows banks in Wyoming to deal with crypto
Last November, the CEO of IOHK and Cardano Charles Hoskinson in an interview at the Malta Blockchain conference stated that Cardano is in fact moving to Wyoming this year, and it is clear that crypto-friendly legislation is attracting them.
The Token Taxonomy bill, which was introduced by congressmen Warren Davidson and Darren Soto, still has a ways to go. While states are generally more able and willing to move around their laws in order to attract potentially lucrative technology companies, congressional procedure will be less agile. Still, the Token Taxonomy bill would simultaneously be a huge boon for blockchain companies and clarify and reduce the SEC’s role in policing crypto.