By a unanimous decision, the Wyoming House of Representatives has passed a bill allowing for the exemption of certain utility tokens from under securities legal framework.
The bill now awaits Senate approval and the state’s governor’s signature and if successful, would take effect starting July 1.
According to the bill, certain utility token developers and sellers meeting specific criteria would be exempted from securities regulations. The criteria listed include the condition that the token must be tradeable for other goods and not sold as an investment. In addition, if entities meet the listed criteria, the would not be classified as broker-dealer, however with the exception of banks, credit unions and savings and loan associations.Tags: securities exemptions
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