Crypto utility token is a new asset type in the state of Wyoming

The state of Wyoming local government passed several bills declaring crypto tokens to be a separate asset class and to be considered just a property
15 March 2018   894

US government seems keen on adopting new laws in regards to cryptocurrencies. But their asset status is still in question, it seems. The SEC considers them to be securities, CTFC deems crypto to be commodities and FinCEN says that digital assets are still money, albeit in a new form.

Now, the US state of Wyoming proposes a new definition. Local authorities have passed several laws during the end of the week, one of them being the “Utility Token Bill”, which defines crypto tokens as a new class of asset – crypto utility token, which falls under the definitions of property. This put the state in a spotlight, because the notion clearly aims at pushing US Congress at considering transferring cryptocurrency holdings oversight to local authorities, as they are solely responsible at property regulation and taxation.

This could be very positive for the cryptocurrency community if Congress can break the tie and clarify everything. It’s very exciting that Wyoming is the first state to define what a utility token is, setting an example of how this could become a standard under federal law. I do believe the Wyoming approach will work under federal securities law and am optimistic the SEC will agree.

 

Caitlin Long

Сo-founder of Wyoming Blockchain Coalition

 

Also, the other bills passed would, hopefully allow for the crypto exchanges to return to the state, because they now put cryptocurrencies outside of the local money transmitters act. They state's government hopes, that their positive stance on digital currencies and the underlying technology in the future will allow Wyoming to become a crypto hub and attract large players in the field to the state.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   99

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.