A bipartisan bill that would make Wyoming the first state to legally classify digital assets as property, is heading to the Senate floor.
Digital assets are the cyber forms of currency, securities or some other type of monetary assets like bitcoin or a token. The Blockchain related bill also lets banks oversee these assets. Wyoming Blockchain Coalition Co-Chair Caitlin Long says if the legislation is passed it could make Wyoming the place to be when it comes to companies interested in digital assets.
"The gist is that we're playing for big financial institutions to come into Wyoming and custody these types of assets for things like 401K plans. So the aha of this is that there are a number of big players from Fidelity Investments, like CitiGroup and a whole host of startups who are getting into this exact business and they've all reached out in some form or fashion."
Long said if that happens those companies would pay taxes to Wyoming. She said by being the first state to pass such legislation, Wyoming is attracting a lot of interest.