The New Crypto & Bitcoin Capital of America



the US state of Wyoming is making big strides when it comes to crypto currency regulation we're recovering what are some of those key regulations that have either already passed or are being proposed at the moment now this is particularly fascinating to see what is happening in an individual state the impact that could possibly have of course for the whole nation but when you see the current situation in the United States where we have a government shutdown in massive dysfunction at the federal level we see states innovating which is awesome now some of the key things that have been talked about are its to start with lawmakers from Wyoming have introduced legislation that would allow the issuance of tokenized stock certificates on blockchain of course now that is not necessarily a new idea but it's definitely an idea that is gaining in popularity indirect issuance of stocks on the blockchain not just third-party io u–'s because those have a whole different level of problem as we know from seeing things like tether for example where you have to trust a third party actually has what they say they have now these could be actual stocks tokenized and put on the blockchain that is very intriguing without a doubt and that to be honest is the future of the stock exchange industry but we're not there yet of course we are still only taking the first baby steps but Wyoming wants to be right at the forefront of that now House bill zero one eight five would permit the use of tokenized digital share certificates in lieu of paper-based versions the bill if passed into law would come into effect July 1st 2019 cool that's really soon we could literally see stocks running on the etherium blockchain for example as soon as July and it might happen on card on o but that's a different story for later in this video now two other very interesting Bills have been passed quite recently amongst the whole other raft of things that have been happening in Wyoming the first one is entitled the Wyoming utility token act property amendments oh it's an exciting name I love it they have such great names for these kind of bills now bill 62 because we could otherwise say it is significant in establishing a new asset class defining open blockchain tokens with specified consumptive characteristics as intangible personal property cool the definition notable means that said tokens do not require an exception from federal securities but it does not require an exemption from federal security laws that's the key of course right there because what we have seen is federal bodies regulating and the SEC has been notorious in its dysfunction towards the crypto industry we could say and we've had some positive and some negatives at least the SEC likes Bitcoin but the SCC hates IC O's or maybe they don't hate IC little on control IC o—- is that when everyone to come to register with them at cetera cetera cetera to see an exemption from federal securities laws hmm now that could be very very big now the bill goes on to say the open blockchain tokens governed by this acts do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business but instead will receive a fixed amount of consumable services content or property so that's specifically about utility tokens right we can see with utility tokens that you don't get a dividend back from those there is a different categorization for of course security tokens and that will be part of what Wyoming is bringing forward as well but in terms of utility tokens we have seen a lot of utility tokens that have been shot down by the SCC it really needlessly to be honest so it's nice to see why oming bucking sec orthodoxy in this particular regard because really utility tokens aren't dangerous utility tokens aren't so evil that you have to shut them down well they might be a bad investment sometimes sometimes look a finance coin for example but they're certainly not securities something to keep in mind now bill 57 Oh bill 57 is entitled the financial technology sandbox lowest names a little better anyway this pertains the creation of a fin tech regulatory sandbox we've seen a couple of these sand boxes arising around the world for example recently we saw that Bahrain announced a FinTech sandbox now this is essentially a supervised and flexible testing environment that provides waivers for certain statutes and rules that would otherwise hamper innovation this is pro innovation they want to see the innovation coming they want that innovation be happening in Wyoming now the establishment of this also reportedly aims to foster a welcoming business environment for the developers of new financial products and services and thereby attract fin tech talent to the state nice nice it would be interesting to see the next Silicon Valley be in Wyoming of all places I think it's definitely time in the United States for the idea of flyover States to not really be a thing anymore because it's one big landmass where lots of people live in lots of ideas and lots innovation can happen everywhere which is cool now in the most recent bill they also offer three different classifications of digital assets with digital securities digital assets and most importantly virtual currencies now this gives the same treatment as money within the state to things like Bitcoin nice keep it classy Wyoming that these classifications into themselves are nothing new but the application of these classifications to cryptocurrency specifically is awesome because it provides regulatory clarity this is one of the things that most businesses quote when they say we want to launch these products but no regulatory clarity Wyoming is trying to fix that problem now the bill also means that Wyoming could authorize banks to opt in to an enhance supervision regime for digital asset custody now this would be designed to meet the SCC's requirements for digital assets SEC him still there they just think he can't get rid of them really when it comes down to it now essentially this would put a bank at the steering wheel which would mean that you could see operation in all 50 states thus making the SEC happy because having a bank in charge of digital asset custody you know SEC in banks they're kind of best buddies they trust them for one reason or another it's funny when you think about it the SEC trusts banks to hold digital assets and yet the SEC is the very organization in charge of issuing fines out to banks I'm basically like a weekly basis because they break the law it's a weird world guys I just comment on it but that's what's going on but the most important thing to take away from that is that it would mean that Bitcoin would have legal status without the involvement of an intermediary so that would be pretty cool without a doubt now all of these things I've just mentioned is building on a whole raft of previous legislation that has come through in 2018 with Wyoming Senate and House representative passing things like bill 70 which relaxed securities regulations and my transmission laws for certain tow curtains offered via i ce o–'s in the state also a separate House bill regarding the exemption of virtual currencies from the Wyoming money transmitter Act was passed late last March as well as a bill exempting virtual currencies from state property taxation in February last year and a slew of further pro crypto in blockchain bills which have already been passed in Wyoming now all that very exciting then we get this news card on Oh card on oh well more specifically io H K is getting out of Hong Kong and they're moving to the USA and interestingly they're not moving to Colorado which is where Charles Hoskinson lives no they're moving to neighboring Wyoming mm interesting card ah no just became an American company well I which K became an American company we're in the process of becoming an American company but the question is who's next are we gonna see other major cryptocurrencies moving their offices into Wyoming or we're gonna see coinbase move into Wyoming are we gonna see craic and move into Wyoming are we gonna see any of the other big crypto projects move their base over there what we just might and if we see enough of these companies starting to converge in Wyoming that could become the next Silicon Valley or the next crypto Valley like Switzerland already stole crypto Valley they've got zoo but nevertheless this could be blockchain valley block valley tech valley block tech valley something like that anyway I'm sure looking all the very clever name when the time comes but the idea to see all these companies innovating in Wyoming such a smart move for Wyoming really amazing opportunity here that they are capitalizing on and this just goes on and on and on with examples last month we had Teton County signing memoranda of understanding with Medici land governance a subsidiary of overstock to put its Land Registry on the blockchain now we've seen a lot of businesses wanting to get in write fidelity coin based backed all these different guys all of them are taking some degree of legal risk at the moment why because we don't have a lot of regulatory clarity no one really knows exactly just how a judge is going to rule in certain cases of litigation or bankruptcy when it comes to digital assets because we have an absence of clear laws Wyoming is working on fixing that problem if it can be the first state in the nation to provide a full regulatory clarity where do you think businesses are gonna go of course the question is well what if next month California comes out and does everything that Wyoming is doing and more well I guess businesses will probably just stay in San Francisco you get that I guess but you look then at like New York in New York has been so difficult with cryptocurrency sieze they've made it unnecessarily hard to start a crypto business in New York and it's driven innovation away from New York and in spite of all that you still have companies who want to make it big in New York but the reality is Wyoming might become the next tech capital of the United States maybe you'll let me know what you think about it down below in the comments section thank you so much for watching today's video you guys are super awesome I love you all thank you so much for coming out and watching this video and of course if you enjoyed the video a thumbs up would be supremely appreciated my friends and if you're new around here subscribe to channel hit the notification bellow to stay up to date when I put out a new video long live the blockchain and peace out the next time

48 thoughts on “The New Crypto & Bitcoin Capital of America”

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  2. At the end of year, the accountant said I needed a C Corp. I chose to incorporated it in Wyoming. I’m not taking advantage of the zero percent state WY tax, my state still gets that, but Wyoming is showing they are crypto friendly, and I’m less worried about them coming after assets. If the $’s get significant enough, I’m moving there. Hope other small biz owners choose WYOMING.

  3. It is a weird world, I have a utopian vision where crypto is deems $ and banks don't exist. Time to evolve beyond this corrupt system.

  4. thats exciting! Would disrupt the dark pool industry. Once again govt regulations aren't needed like reg-sho, nbbo, and insider trading rules aren't needed to "keep the market in check". Voluntary agents will provide solutions. EXCITING

  5. Didn't hear a word you said. Your shirt distracted me. Something, something, Cardano Wyoming, something something. =D

  6. interesting about WY maybe we can loan some BTC to the aliens hiding behind Devils Tower lol. always interesting to what happens from.one day to next. good work as usual thanks sincerely jr

  7. I live in Fort Collins Colorado 30 minutes from the border and 40 minutes from the largest city in Wyoming Cheyenne, and I will tell you this is all far from happening because of the fact that there is just not shit happening in Wyoming period because there aee hardly any people. Fort Collins, Boulder and Denver Colorado already have more more going on in terms of blockchain and some crypto friendly lawmakers as well not saying Wyoming will not be good too eventually but I dont think that any type of hub will instantly pop up

  8. ZelCash is a really good project. With a great team. They also have a multi asset wallet one of the best I have used. Its called ZelCore. They are releasing nodes at the end of the month. Also they will be releasing a DeX and dApps later this year. I love ZelCash 😍😍😍😍😍😍😍😍

  9. Wow that is really cool news about Cardano! Big middle finger to Washington DC & Silicon Valley… You can buy a county there for the price of a home in Costa Mesa! LOL

  10. Love it man ! I get more meaningful business news from you in 12 minutes than i get from cnbc, fox, Bloomberg etc combined 😁

  11. Well I guess it's possible. People frequently do live in cold, culturally barren places just for economic opportunity. Personally, now that I've moved off a coast for the first time in my life, I realize why I always lived within a half day's drive of an ocean my entire life. I have to wonder how much people who could make it anywhere will choose to live there. Still, very good move by WY. Will definitely help their economy in the coming years, even if they don't become the #1 state chosen by most in the industry.

  12. I hope Wyoming does become the next Silicon Valley. We all know the one we have now is trying to censor, control, and push their own narrative. A company like IOHK and product like Cardano is far from the evil Google, Facebook, Twitter, Youtube etc. pushes.

  13. I'm from Wyoming and we have a modo around these parts "first or last" I'm excited to be seeing us be first in the crypto realm. Especially with Cardano moving in. I'm still catiously optimistic on what that means for our state though. Wyoming is notorious for attracting big business to the state because of it's position on taxing corporations. This means we have a lot of so called "businessess" here in the form of paper companies. This doesn't support our economy as much as it makes us a safe haven for big money to move around without the government interfering. Classic case of the rich getting richer. Wyoming needs a new economy more than ever. Especially with oil and coal going out the door. I would love to see crypto becoming that new economy. Regardless, I'm glad to see Wyoming taking initiatives to make crypto a legit thing in the states.

  14. Cardano should worry more about getting their software and the platform running successfully before moving.   They're so far behind.

  15. I predict that a stock market based on ethereum blockchain with be called the "Block Market". You heard it here first folks

  16. The security grade Cardano is offering is no match for any blockchain! Ofc gvm and big players will prefer security ofer hypers and shady hackers…

  17. I think cryptos are being held down for a global gold backed currency reset. They want gold higher than bitcoin initially.

  18. dear CL u seem very genuine. iv watched for over a year now. thanks for that. did u happen to know that there is proof that NY fed have been paying Institutions to short bit coins? brother, pls take a look at this short vid.& share ur feelings if u will. thx 4 reading. cheers. (a fan)
    https://m.youtube.com/watch?v=5jb3YaXnoHQ&t=562s

  19. Digital, assets, custody and banks in the same sentence doesn't sound all that reassuring to the average Freedomist.

    But…starting the move of cryptotech to Wyoming beats it staying in California.
    Cheaper housing, less crazy and poop in the streets to deal with.
    I think this could work if Wyoming was a little more geeky hipster friendly 😉

  20. Ya girl Naomi has an interview with Caitlin Long who is helping to facilitate legislation in Wyoming.

    https://youtu.be/KPzQ1WzcOIY

  21. Hey lark on another note did you see mycryptowallet has been shut down as of today by the NAB, national bank of Aus. Customers funds are locked and further notice not until 6th Feb.. lucky I have my funds on exodus wallet

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