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   461

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.

SoftBank & Baidu to Invest in Atlas Protocol

Atlas Protocol was created by Nebulas Labs and xGoogler Blockchain Alliance
21 August 2018   130

The Atlas Protocol marketing module (ATP) has completed a round of attracting initial funding, led by SoftBank China Venture Capital (SBCVC), having collected several million dollars during it.

In a multimillion-dollar round, the exact amount of which was not disclosed, Baidu Ventures (BV), Danhua Capital and Fenbushi Digital also took part.

Atlas Protocol was created by Nebulas Labs and xGoogler Blockchain Alliance (xGBA). The "first developer" of Google Adwords, Jeremy Zhao and Columbia University Professor Ronggui Gu will serve as project advisors on technical issues.

Atlas Protocol plans to create a blockchain ecosystem and "to form a new paradigm of interactive marketing." According to the press release, ATP allows you to rank "calculated values ​​on the block and transfer value using tokens" using the ATP Smartdrop service application.

xGoogler Blockchain Alliance was formed in April this year as a community of former Google employees interested in blockchain technology. Its founders were the developers of projects Nebulas, Loopring and Gifto.