Twelve Wyoming Representatives and Senators have introduced a bill backed by the Speaker of the House to exempt “blockchain tokens” from “securities and money transmission laws.”

Rep. Tyler Lindholm, a Republican member of the Wyoming House of Representatives, said “Wyoming is stepping up to welcome the blockchain community with open arms,” before further adding:

“We view non-securities blockchain tokens as a new asset class that is neither money nor securities, and therefore believe existing money transmitter and securities regulations should not apply.

In many cases, for example, such blockchain tokens are simply prepaid software licenses. If tradeable gift cards and prepaid cell phone minutes are not regulated as money or securities, why should prepaid software licenses fall into those categories?

Wyoming’s consumers will be protected by its strong anti-fraud and consumer protection laws, which we believe are sufficient to deter bad actors from doing business in the state.”

Read the full article from TrustNodes here.