State of Wyoming recognizes crypto as money
The state of Wyoming passed a bill SF0125, which recognizes cryptocurrency as money. The bill fully comes into effect on March 1 of this year, placing crypto in the realms of existing state laws and regulations.
SF0125 categorizes crypto into three separate digital categories: assets, currency and securities. This means any forms of crypto which fit into any of the aforementioned categories, will be considered “intangible personal property,” which gives cryptocurrency the same status as the U.S. dollar in the state of Wyoming. However, while the state recognizes crypto as fiat, it isn’t recognized as such on a federal level yet. Across the United States, cryptocurrency is treated as a security and falls under the Securities and Exchange Commission jurisdiction.
According to SF0125, crypto assets will be placed into three different categories: digital consumer assets, digital securities, as well as virtual currencies. Any cryptocurrency that falls under either one of these categories is to be defined as “intangible personal property,” which grants cryptocurrencies the same treatment as fiat money.
Additionally, the bill also authorized banks to provide custodial services to digital assets, same as they do for fiat.
A Wyoming Republican Senator, Tara Nethercott, sponsored the bill, and co-sponsors are Wyoming Senators Ogden Driskill; Drew Perkins; Chris Rothfuss, as well as Representatives Steve Harshman; Tyler Lindholm; Carl Loucks; Jared Olsen; and Sue Wilson.