, 11 tweets, 10 min read Read on Twitter
1/ BOOM! #Wyoming just recognized clear, direct property rights for #digitalassets by passing SF125! This means #blockchain cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months
2/ As @TraceMayer says, v impt for broad adoption of #crypto that it be “backwards-compatible w/ law.” SF125 enables that. Bill was amended w/ improvements & latest is here: wyoleg.gov/Legislation/20…. Goes to @GordonGovernor for signature & could officially become law next week
3/ I'll publish analysis after it officially becomes law, but here's the key: #Wyoming law recognizes property rights in the DIRECT ownership of #digitalassets. Property law in US is determined by states, not the feds. WY not only did it first but did it right!! This applies to
4/ all types of #digitalassets. In other words, you're not forced to own #digitalsecurities thru an intermediary-that's HUGE! #blockchain tech enables DIRECT ownership of assets & now the law does too. You can still choose indirect ownership (u shouldn't), but u aren't forced to.
5/ DIRECT ownership of #digitalassets fits nicely w/ #Wyoming's culture (ie, what's mine is mine & what's yours is yours; good fences make good neighbors; rugged individualism). And #rehypothecation is a felony in #Wyoming (SmithvState, 1986 Supreme Ct case). So it makes perfect
6/ sense that #Wyoming is the epicenter of #blockchain law in the US. That's also why institutional investors, which are prohibited by federal law from directly owning the assets they manage, can rest assured that Wyoming's #digitalasset custodians are actually solvent, unlike
7/ custodians subject to #NewYork law--I'll have a lot more to say about that soon. But for now, let's congratulate the wise #Wyoming legislature for enabling #blockchain technology instead of trying to force it into an indirect ownership regime, as some in the legal community
8/ were advocating. Indirect ownership is how vast majority of US #securities are owned, & that's what ultimately enabled many bad #WallSt practices that skim value from Mom&Pop investors (#rehypothecation, failures to deliver, naked shorting, unauthorized securities lending).
9/ #Wyoming studied that alternative legal regime & rejected it. Yay! Wyoming protects PROPERTY RIGHTS &, for institutional investors who must own indirectly, it protects #investors far better than #NewYork does. SF125 also solves a problem some called “#bitcoin’s fatal flaw,”
10/ which was the mess created by lack of clarity for #digitalassets under commercial law (called #UCC), including untrackable liens. Have fun watching the transfer of capital away from NY & into WY in the coming years, esp as securities are increasingly issued on #blockchains!!!
11/ For #blockchain cos that want to move to #Wyoming, stay tuned for details about upcoming events we'll be hosting to help you move here! Or just c'mon out here & visit, as some others are already doing!🤠🤠🤠 #TheWorldNeedsMoreCowboys #BuckingTheSystemSince1886
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