Did Wyoming win or lose with cryptocurrency?



welcome everyone so I wanted to do a quick video about the state of Wyoming so if you're not familiar with the latest cryptocurrency news Wyoming is supposed to be a blockchain friendly state if you're not familiar with one of Charles's recent AMAs IOH K input/output Hong Kong is actually moving to Wyoming because of their more lakhs or their more relaxed view towards cryptocurrency they seem to be adapting it they seem to be more accepting than other states within the United States and once again all 50 states are on their own different paths so it's gonna take a while for different states to adopt cryptocurrency in the fashion that people are expecting but you're going to see a lot of positive news about this but I actually went and read the law it makes no sense to me and I don't know if you wanted to comment on the comment section below but I am reading one of the bills it's called the HB 0:06 – bill and it just goes to show me that the the people passing the laws do I I don't want to say that they don't know much about cryptocurrency but it sounds just so I don't know I don't know if this is a way to to write the law in a way that's favors cryptocurrency or there's no other way to write about this cryptocurrency but if I was a novice and I read this I would think that cryptocurrency still needs years and years before it's adopted or understood because it still seems like there's some there's some ambiguity as far as what crypto currencies are if you scroll down to section 1 and if you go to paragraph 2 it says that open blockchain tokens with specified consumptive purposes are similar to loyalty programs operated by many businesses today in which an individual is provided with services content or property property redeemable from the developer or business in exchange for a specified number of transactions or cash paid to the developer or business if you re paragraphs the following paragraphs it really seems like they they they draw comparisons between currency and loyalty tokens or loyalty or reward points so I don't know if this is a a dis or it should be taken as something good but for me I think that reward points I don't compare my my winn-dixie customer rewards card or or my gas station rewards to cryptocurrency I think that there are two separate things I think that there are two levels of complexity that vary greatly from each other and I just don't think that comparing these two loyalty programs or reward points is really doing us justice I mean I guess if it passes it passes but it just goes to show me that the people that are in in office they're they're not trying hard enough to understand this bill I best was passed today but I think that they have to wait until June I believe for the final vote I'm not a hundred percent sure I think I read that somewhere so I read that you go down to the digital asset section it still seems like they describe it as a token with the consumptive purpose which is fine which is fine but it just seems to me that they don't understand the complexity of what is going on they definitely do not look at it as the new financial stack for the new world they just seem to categorize it as in some sort of mesh so and this is Wyoming here Wyoming is not a populous state it doesn't have a great deal of people compared to other states in the United States it's it's it's a lot of farmland it's it's a lot of empty space in Wyoming it's not it's not densely populated so the the least the less densely populated state comes up with this realization so it's it's a little bit I don't know unnerving so one one of the things that the bill also passed was that every cryptocurrency or every blockchain token for sale is gonna have to pay a filing fee of $200 and if you actually go to the amended the amended notes so it tells you exactly what they they voted on or what they crossed out they actually changed its filing fee to one thousand dollars so every blockchain token so every ICO that jumps onto a cryptocurrency chain is going to basically have to pay one thousand dollars and you know we are rewards points at the end of day that's what they look at us as loyalty rewards points so they're going to be collecting a lot of $1000 payments for all the icos that come out so that's a pretty that's a pretty nominal fee I don't know why they just changed it from two hundred to a thousand like Oh two hundred is not good enough let's just make it a thousand so that's I guess that's what it that is what it is I guess the numbers are arbitrary but to me I don't know I mean I read through this it just doesn't seem is this what they've been working on I mean is this what they've been working on I don't know I don't know you tell me if you feel like you you you feel any weight any different I'm gonna copy the link I'm gonna post the link for allegis to Bill from Wyoming and let me know what you think the bills right here so read the bill the articles online they're all summarizing saying the same thing but I went straight to the bill so I don't know I don't know and it says for the period beginning July 1st 2019 to June 30th 2020 there's an appropriated $50,000 from the general fund to the Secretary of State and this appropriation shall be expended to provide services relating to the administration and enforcement of this act so I guess they're gonna hire one person because it's fifty thousand dollars to collect the one thousand dollars from each ICO that that pretty much pays their thousand dollars to become a cryptocurrency so this is what they're going to be doing making sure they get that thousand dollar payments for the the loyalty tokens that they call them and once again it's only for a year period so it's going to have to bring you next year and probably going to change and amend the laws so maybe hopefully they they they inform themselves of what cryptocurrency actually is within this year period but it seems like you know this act is effective July 1st 2019 so that simple bill is gonna take all the way until June July 1st to to become enacted so I guess that IOH case could be moving to Wyoming after July I don't know if they're gonna have to move out after 2020 so we'll see we'll see but I guess this is a step in the right direction I probably sound very pessimistic right now but let me know what you think please like comment and subscribe and until the until the next video all right bye

26 thoughts on “Did Wyoming win or lose with cryptocurrency?”

  1. Hey hey Philpa. My subscriber Morten Plougmann suggested I reach out to you. He had kind words for you and I know that many of the XRP Holders are also holding ADA. I'm not an expert on ADA and with Mr. Hoskinson coming to speak at the Japan Blockchain Event at the end of this month, there is a lot of Buzz here in Tokyo. Can I DM you on Twitter? I'd love to arrange a time where you could be my guest on a video.

  2. Caitlin Long has been deeply involved in this legislation from the crypto side… She has a tweetstorm on her Twitter account https://twitter.com/caitlinlong_?lang=en Respect her work and assume a lot of thought put into it. Her emph is on defining property rights of crypto and avoiding rehypothecation abuse. We could see innovative custodial based in WY emerge (and other states that follow as a result). I see this as a good way to set the bar… avoid some of the abuses from 'Wall Street'. Not clear to me yet but how it treat property rights of coins seems unique. Need to dig in… but I respect Caitlin's long view and history in understanding past abuses

  3. I'm no lawyer but aren't laws often tyically ambiguous? Keeps lawyers employed.

    I think it was Wyoming I drove through on the highway over 20 years ago, and a state posted signed greeted automotive passerby's with, "Welcome to the Cowboy State."

    Cowboys are sexually ambiguous themselves (my references point is "Broke Back Mountain" and Latin American jokes about Brazilian cowboys).

    So, maybe Wyoming's fintech legislation is trying to keep with its cowboy tradition and open range lifestyle?

    Another possibility is that I just don't know what in the h*ll I'm talking about.

    I'm sure Sir Charles will have a better understanding and can provide insight into this legislation. Kudos to the people of Wyoming for getting an early start on cryptocurrency.

    And thanks for your time and effort doing all the reading you do, Phil. Also thank you for raising this concern you have.

  4. Your videos are becoming too pumpy and the titles clickbaity. Remember the lowest IQ crypto community (XRP hodlers) do this 24/7.

  5. Wyoming is known for creating the Limited Liability Corporation LLC. That has become the standard for individuals creating companies in the United States today. Delaware took it to the next level and became the hot spot in the US to register your company. They are trying to get ahead of this new wave.

  6. You are correct that the people that make the laws do not have to have any knowledge of the subjects they are creating laws to control.

  7. That is how the general public treats crypto currencies today. I can redeem rewards points for cash. Just like I can redeem ADA for cash. I can not use rewards points to buy a burger just like I can not use ADA, yet.

    The whole process they are going thru in Wyoming is to prove to the federal government that crypto currencies are NOT securities. If they are considered property then the states can determine the laws effecting crypto. That is the most important part of all this legislation.

  8. Legislation is really hard to read, but I think you might be interpreting some things wrong. There is a distinction between "Open blockchain tokens" and "Virtual Currency" from how I understand it. When they talk about "Open blockchain tokens with specified consumptive purposes" they are referring to only a certain class of tokens that can help be described through their definition of "Consumptive"(found on page 8). I believe they are mostly referring to tokens that are made by a company that you can only use with that company for goods and services. Under these circumstances the description would fit better, but that is only a description of that certain class of token.

  9. 3:46 oh really? how about this:
    https://www.weforum.org/agenda/2017/08/jackson-hole-2017/
    https://www.bloomberg.com/news/articles/2018-08-19/big-questions-on-global-economy-hang-over-jackson-hole-gathering
    or this:
    https://www.economist.com/the-economist-explains/2014/08/20/how-jackson-hole-became-such-an-important-economic-talking-shop

    etc etc

  10. they cannot seem too radical, must moderate the law.. this is a good start imo.. America is the legal standard of the world so baby steps

  11. I'm pretty sure Charles & the team will help them to understand blockchain & cryptocurrency better. It's just great they are open to allowing cryptocurrency & blockchain technology in.

  12. I think they are basing it on ethereum so far nothing else to compare with. Japan thinks otherwise. That's why Japan is ahead in terms of tech

  13. Even the way the bill was written… the format of the document its so outdated… i dont know… im just pissed because when i saw the news i was like yeaiiiiii…. and than the Reading started and it became a hell

  14. This is horrible…. its a horrible law…… crypto needs to be seen case by case….. this bill is the worst ever…… im not from USA but i know the world needs USA´s Governement to embrace this situation with care and science…. all the world is going to pay with this stupid mistakes from uneducated law makers. PS; I apologize for any spelling mistake. Im a latin speaker and my written english is rusty.

  15. The bill does sound a bit shallow, but I didn't really expect anything more. That being said, I'm happy with any kind of progress and hopefully they'll provide more incentives in the future.

  16. This is what politics is all about ! red tape , bureaucracy , and the last to acknowledge change , even though these development are happening in Wyoming regarding crypto does not mean the legislators understand the space ! We as crypto enthusiats have to step outside our bubble also and realize the world they are coming from, itll be a while till crypto becomes a buzz word till then we just have to grind on ! But any action at this stage is a good thing !

  17. I’m sure your analysis of Wyoming is far better than Charles Hoskins. Why would a 1.1B MC project, that you only praise and promote, make such a thoughtless decision? Unsubscribing

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