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   195

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.

Zilliqa is holding a meetup in Singapore

High throughput blockchain platform Zilliqa is organizing a meetup session in Singapore on May 23 to share its progress and preview its new smart contract language Scilla
24 April 2018   26

A meetup titled "Zilliqa: Sharding in Action & Security by Design" by Zilliqa project will take place on May 23 at The Metro@ thebridge. Zilliqa is a new high-throughput public blockchain platform that can enable real-world applications considered impossible up to the moment. Zilliqa utilizes the idea of sharding to reach thousands of transactions per second without sacrificing security and decentralization.

The session will covering the so-far progress of the project, the partners joining the project and the preview of the new smart contract language Scilla that further improves on security for smart contracts. The event is going to be broadcasted love on YouTube. The agenda of the meetup is as follows

  • 18:45 - 19:00 Overview of the Zilliqa project
  • 19:00 - 19:20 Session with partners of Zilliqa
  • 19:20 - 19:50 Demo: Testnet & secure smart contracts with Scilla
  • 19:50 - 20:40 Networking

At the moment of publication, Zilliqa market parameters are as follows:

  • Average price $0.099018
  • Market cap $721,249,874
  • Volume (24H) $86,625,700