In line with official state legislature ‘web-site‘, a bill permitting companies to issue blockchain-based tokens that represent stocks was recently introduced in Wyoming.
House Bill 185 is sponsored by Representatives Olsen,Lindholm, Brown, Hunt Western and Zwonitzer along with Senators Driskill and Rothfuss. If passed, the bill would become effective from 1st July, this year. The draft of the bill added:
“The articles of incorporation or bylaws of a company might specify that all or some of the shares of the corporation might be re-presented by share certificates within the form of certificate tokens.”
The bill lays the ground’s for storing alleged certificate tokens representing stocks on a blockchain “or other secure, auditable information,” and allow digital transfer of them.
As reported earlier, Wyoming passed 2 new house bills that focuses to foster a regulative ecosystem contributing to cryptocurrencies and blockchain innovations. One among the bills establishes a new asset category, defining “open blockchain tokens with specified consumptive characteristics as intangible property.” The other bill pertains to the creation of a fintech regulative “sandbox” — a supervised and versatile ‘testing ecosystem‘ that offers waivers for several statutes and rules that might otherwise hamper innovation.