The US state of Montana has joined both Wyoming and Colorado in terms of laying crypto friendly rules and regulations by recognizing utility tokens and exempting them from state securities law with the passing of Bill 584.
The initial announcement of Bill 584 was made in February 2019, which stated that if the bill was passed, Montana would exempt utility tokens from securities laws to become a crypto-friendly state. Now just 3 months later, the bill was passed on May 23.
Congratulating the state of Montana on the passing of this bill was Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition who stated via Twitter:
Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law! @Tyler_Lindholm @rothfuss https://t.co/kW8AAYQbZg
— Caitlin Long 🔑 (@CaitlinLong_) May 23, 2019
The 3 Crypto-Friendly States
Out of 50 states in the United States, just 3 of them have thus far established themselves as crypto-friendly by establishing clear and positive rules and regulation pertaining to crypto assets. The state of Wyoming has even recognized cryptocurrencies like Bitcoin (BTC) as legal tender (money).
Also, Wyoming took its crypto-friendly laws a step further and passed a bill that recognizes clear, direct property rights for digital assets. These two crypto-friendly bills make Wyoming the most crypto-friendly state in America and other states are following suit.
The other state to establish favorable crypto regulations in Colorado. In March of this year, the state passed the Digital Token Act which exempts cryptocurrencies from securities laws and is poised to make the growth of blockchain technology and related companies in the space much easier.
In addition to Montana, Wyoming, and Colorado, other states such as New Hampshire are opening themselves up to blockchain technology and cryptocurrencies for the payment of state taxes with cryptocurrencies.
All in all, there is a clear trend of crypto-friendly rules and regulations being established in the United States and we can expect to see more states follow suit.
Which state will be next to establish crypto-friendly rules and regulations? Let us know what you think in the comment section below.
