Wyoming Legislation

HB62, which would establish that “open blockchain tokens” with certain specified “consumptive” characteristics that were not marketed to initial buyers as a financial investment are (along with “virtual currency”) intangible personal property – and not securities – under Wyoming state law. Under the bill, “consumptive” is defined as “a circumstance when a token is exchangeable for, or provided for the receipt of, services, content or real or tangible personal property, including rights of access to services, content or real or tangible personal property.”
HB62 would repeal the Wyoming law passed in 2018 that established an exemption for certain “open blockchain tokens” under the state’s securities laws. According to the legislative findings set forth in HB62, such open blockchain tokens (as defined in both HB62 and the 2018 law) are not securities because a person who is sold that token cannot receive a cash payment or share of profits from a developer, but would instead receive a fixed amount of, or access rights to, consumptive goods or services; and, not being securities, there is no need to specifically exempt offers or sales of such tokens from the state’s securities laws.