Wyoming Lawmakers Advance Blockchain ‘Sandbox’ Bill
Cowboys continues to strive to welcome block chains and start-ups, most recently approving legislation that allows block-start startups to operate within a "sandbox" for legislative votes.
The Wyoming House Committee on Minerals, Business and Economic Development unanimously approved Friday's financial technology sandbox bill. The measure empowers startups to test new technologies and determine how they can function within existing regulatory frameworks when legislation is passed.
This measure includes block-chain start-ups.
Keitlin Long, co-founder of the Wyoming Blockchain Coalition, said the country is "already approaching regulations efficiently compared to most other states."
"Many other states in the United States can be very heavy, especially in relation to financial services," CoinDesk added.
"Sandboxes in Wyoming provide a one-year alternative to innovators and can be extended for two years. It has a lot of runways for moderators trying new things."
While this bill passed the committee, it was only the first step of 13, Long pointed out. "No doubt [it is] is most important."
The legislative meeting is due to end in March, and she expects the entire process to be completed within that timeframe.
When the sandbox bill exceeds the first hurdle, the special purpose deposit bank bill described by Long as the "signature" bill will not be voted on until January 18th.
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