OK, its kind of a stretch to think that the state of Wyoming would consider itself the “new Switzerland” in the cryptocurrency world. I mean I’m pretty sure folks in Wyoming don’t wear Lederhosen or blow in those big long horns, BUT regulatory wise it can happen (and is actually). Wyoming legislators have enacted legislation (or are ready to this Friday 3/2) defining utility tokens in order to become the U.S. leader for digital assets and ICOs (just not security tokens). With leadership like Caitlin Long, co-founder, Chairperson & President of the Wyoming Blockchain Coalition, Switzerland may be looking up to Wyoming in the future. Extremely pleased to see a state take the lead in a HUGE new fintech sector that the Washington regulators are just starting to notice. But, BUT, Wyoming/Switzerland? Jackson Hole vs Zug…..advantage Jackson Hole. Casper vs Zug……..not so much. Go Wyoming.
(Bill Taylor/Managing Editor)
“Switzerland has become known as a center of excellence for the cryptocurrency industry. In fact, many initial coin offerings (ICO) call Zug, Switzerland home – even if they are not really based there. The Swiss regulators (FINMA) have recognized the emergence of digital currencies as an economic opportunity and thus has worked hard to encourage Fintech innovation while maintaining much needed investor protection rules. Most recently, Switzerland issued public guidance on initial coin offerings that recognized the reality of utility tokens as policy makers embrace digital assets.
In the United States, regulators have struggled with the concept of a utility token versus a security coin. It is been widely reported that SEC Chair Jay Clayton famously stated he has never seen a utility token in the wild. So do utility tokens actually exist? Or are utility tokens a national digital snipe hunt?
This week, we may have greater clarity on the viability of utility tokens, and ICOs in general, in the US. The State of Wyoming has recently seen legislation crafted that defines utility tokens and it appears to be poised to be signed into law – perhaps as soon as this Friday. This could be transformational in the States, as Wyoming may become the Crypto-Valley in the Rockies (as opposed to the Alps)…”