HB0043 • 2020

Digital representation tokens.

AN ACT relating to digital assets; defining the rights, duties and obligations associated with digital representation tokens; providing exceptions; and providing for an effective date.

Technology

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Corporations
Last action: 2020-02-10
Official status: inactive
Effective date: 3/1/2020

Plain English Breakdown

The bill did not pass and was not signed into law, so the provisions described would not become effective.

Digital Representation Tokens Act

The bill defines digital representation tokens and sets rules for how they work in Wyoming.

What This Bill Does

Defines what a 'digital representation token' is, which shows someone's claim to an interest or right in property.
Specifies that open blockchain tokens are not considered digital representation tokens under this act.
States that digital representation tokens do not count as separate real or personal property but only represent the rights they show.

Who It Names or Affects

People who use digital representation tokens in Wyoming.
Businesses and organizations dealing with digital assets in Wyoming.

Terms To Know

Digital Representation Token: A digital record that shows someone's claim to an interest or right in property.
Open Blockchain Token: A type of token on a blockchain network, but it is not considered a digital representation token under this bill.

Limits and Unknowns

The bill did not pass and was not signed into law.
It only applies to Wyoming if passed.
Details about how these tokens work in practice are not fully explained.

Bill History

2020-02-10 House
H Failed Introduction 2-57-1-0-0
2020-02-07 House
H Received for Introduction
2020-01-09 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

20LSO-0152
2020
STATE OF WYOMING
20LSO-0152
Numbered
2.0

HOUSE BILL NO. HB0043

Digital representation tokens.

Sponsored by: Joint Corporations, Elections & Political Subdivisions Interim Committee

A BILL

for

AN ACT relating to digital assets; defining the rights, duties and obligations associated with digital representation tokens; providing exceptions; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 34
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29
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101(a) by creating a new paragraph (v) and 34
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29
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102(a) by creating a new paragraph (iv) are amended to read:

34
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29
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101.

Definitions
.

(a)

As used in this chapter:

(v)

"Digital representation token" means a digital representation by which a person's claim to an interest or right in real or personal property is evidenced. An open blockchain token qualifying as intangible personal property pursuant to W.S. 34
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29
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106 shall not be considered a "digital representation token."

34
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29
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102.

Classification of digital assets as property; applicability to Uniform Commercial Code; treatment of digital representation tokens
.

(a)

Digital assets are classified in the following manner:

(iv)

Digital representation tokens shall not constitute real or personal property separate from the rights or interests in real or personal property that they represent, and shall be subject only to the obligations, rights and interests applicable to the rights or interests that they represent.

Section 2
.

This act is effective July 1, 2020
.

(END)

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HB0043